UK employers add record number of jobs despite Omicron

UK employers add record number of jobs despite Omicron

Ef:Markets-Macromatters, Rep

1/18/2022 11:40:00 AM

UK employers add record number of jobs despite Omicron

British employers added a record 184,000 staff to their payrolls in December, showing little impact from the Omicron variant of coronavirus, while job vacancies hit a new record high, potentially fuelling the Bank of England's inflation worries.

"Today's figures are proof that the jobs market is thriving, with employee numbers rising to record levels, and redundancy notifications at their lowest levels since 2006 in December," British finance minister Rishi Sunak said.Register now for FREE unlimited access to Reuters.com

RegisterConcern about possible labour shortages and pay pressures over the medium term was a major reason why the Bank of England raised interest rates last month for the first time since the start of the pandemic.Financial markets see a greater than 80% chance that the BoE will raise rates again on Feb. 3 after its next meeting.

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Covid-19 news: Falling cases in UK suggests omicron wave has peakedThe latest coronavirus news updated every day including coronavirus cases, the latest news, features and interviews from New Scientist and essential information about the covid-19 pandemic I'm just hoping all my vaccinated coworkers on quarantine are well enough to come back to work this week. Falling cases or falling reporting? Interesting to see how many standout Brexit-supporting areas won't vaccinate.

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Prince Harry Files Court Claim Over UK Police ProtectionPrince Harry has filed a claim for a judicial review against the British government’s decision not to let him personally pay for police protection while in the U.K. The Duke of Sussex’s legal representative said Saturday that Harry wants to bring his children Archie and Lilibet to visit his home country from the U.S. but that is too risky without police protection. From the article: ' His private security team in the U.S. doesn't have adequate jurisdiction abroad or access to U.K. intelligence information, they said.'

Prince Harry’s Security Was “Compromised” During His Last UK VisitHe revealed the news in a statement pushing for more security should his family return.

Prince Harry Files Court Claim Over UK Police ProtectionPrince Harry has filed a claim for a judicial review against the British government’s decision not to let him personally pay for police protection while in the U.K. Stirring the pot again. ek news channel inke pariwarik jhgdo ka khol do Send him the invoice, forthwith. Make him feel loved and wanted.

The broader unemployment rate for the three months to the end of November fell to 4.1%, the Office for National Statistics said on Tuesday, below economists' forecasts in a Reuters poll for it to hold at 4.2% and its lowest since June 2020. "Today's figures are proof that the jobs market is thriving, with employee numbers rising to record levels, and redundancy notifications at their lowest levels since 2006 in December," British finance minister Rishi Sunak said. Register now for FREE unlimited access to Reuters.com Register Concern about possible labour shortages and pay pressures over the medium term was a major reason why the Bank of England raised interest rates last month for the first time since the start of the pandemic. Financial markets see a greater than 80% chance that the BoE will raise rates again on Feb. 3 after its next meeting. Britain's job market performed more strongly than the BoE expected late last year, as unemployment fell despite the end of a government job subsidy programme which was supporting more than 1 million workers in September. More recently, a surge of COVID-19 cases linked to the Omicron variant of coronavirus has caused widespread staff absence and hammered demand in the hospitality sector. But most economists expect the ill-effects to be short-lived. Tuesday's data showed that average earnings in the three months to November were 4.2% higher than a year earlier - in line with economists' forecasts - while job vacancies in the three months to December hit a record 1.247 million. The ONS said it believed temporary factors which had distorted pay growth higher earlier in 2021 had now largely dissipated. In nominal terms, pay growth is well above the 2-3% range seen before the pandemic, and a potential inflation concern for the BoE given weak underlying productivity growth. But fast-rising inflation is eroding the benefit of higher pay for workers. Pay excluding bonuses was flat in inflation-adjusted terms in the three months to November, its weakest performance since July 2020. "Few businesses appear to be hiking wages substantially in order to retain their staff," said Pantheon Macroeconomics's Samuel Tombs, who forecasts pay growth of 3.5% for 2022, well below his expectation of near-5% inflation. Register now for FREE unlimited access to Reuters.com Register Reporting by David Milliken Editing by William Schomberg Editing by William Schomberg Our Standards: More from Reuters Daily Briefing Subscribe to our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox. Sign up