All the day’s economic and financial news, including a new healthcheck on Britain’s labour force * Latest: UK jobless rate sticks at 11-year low * Employment total hits new record high... * ..but wage growth dips to 2.6% * Millions of UK families trapped below poverty line 9.52am GMT WITH THE EMPLOYMENT TOTAL AT A RECORD HIGH, AND THE UNEMPLOYMENT RATE AT AN 11-YEAR LOW, BRITAIN’S LABOUR FORCE APPEARS TO BE APPROACHING FULL CAPACITY. So argues ONS senior statistician David Freeman, anyway, who says: “Continued moderate growth in employment has led to a new high in the total employment rate, while the rate for women has reached 70% for the first time on record. Overall, the labour market appears to be edging towards full capacity. 9.48am GMT This chart shows how wages growth slowed in the last month: 9.42am GMT Here’s a snapshot of the UK jobs report over the last year: 9.36am GMT BREAKING: BRITAIN’S JOBLESS RATE REMAINS AT AN 11-YEAR LOW OF 4.8% AS FIRMS KEEP HIRING WORKERS, BUT WAGE GROWTH HAS SLOWED. The labour report, just released, shows that: 9.22am GMT THE JOSEPH ROWNTREE FOUNDATION HAS ISSUED A CHILLING WARNING TODAY THAT A THIRD OF PEOPLE IN BRITAIN ARE LIVING ON INADEQUATE INCOMES THAT DON’T PROVIDE AN ADEQUATE STANDARD OF LIVING. It’s a timely reminder that the unemployment rate, although important, doesn’t give a full view of the state of the UK economy. 3m households below an adequate standard of living have someone in work, new @jrf_uk report finds: https://t.co/pEYhMSmUNh #justmanaging pic.twitter.com/6Ug8qQnn6T Related: Inflation could push 4m more Britons below poverty line, study finds Unemployment is no longer the most important number for measuring how well Brits are doing https://t.co/w71ttMojCY 9.02am GMT OVER IN GREECE, COMMISSIONER PIERRE MOSCOVICI HAS CLAIMED ATHENS AND HER CREDITORS ARE MAKING PROGRESS TOWARDS FINALLY CONCLUDING ITS LATEST BAILOUT REVIEW. Moscovici struck an upbeat tone this morning, before a meeting with finance minister Euclid Tsakalotos. “There is convergence at certain points so that we can conclude the review and move ahead. Some more small steps remain.” Moscovici said Greece's talks with official lenders on concluding a bailout review have made progress but more steps needed to wrap it up *MOSCOVICI: NEEDS STRONG GREECE AT THE HEART OF EUROPE - CONFIDENT CAN FIND SOLUTION FOR GREECE, PARTNERS Extremely honoured to receive distinction from the Hellenic President. I will always be a friend to #Greece. @Avramopoulos @EEAthina pic.twitter.com/hLZOKhjdkw 8.53am GMT EUROPEAN STOCKS ARE RALLYING (AGAIN) IN EARLY TRADING. Investors are cheered by yesterday’s testimony by US central bank chief Janet Yellen, and her largely upbeat view of the American economy. Related: Damning reports emerge of Trump campaign's frequent talks with Russian intelligence 8.33am GMT Today’s average earnings figures are particularly important, argues CONNOR CAMPBELL of SPREADEX: With inflation on the rise the most talked about figure this Wednesday will likely be the wage growth reading, which is set to remain unchanged at 2.8% [including bonuses] That’s all well and good for now, but given that UK inflation could hit 3% at some point in the second half of 2017 growth needs to pick up to avoid severely pinched pockets across the country. 8.18am GMT GOOD MORNING, AND WELCOME TO OUR ROLLING COVERAGE OF THE WORLD ECONOMY, THE FINANCIAL MARKETS, THE EUROZONE AND BUSINESS. Britain’s jobs market is in the spotlight today, with the publication of new unemployment figures at 9.30am GMT. With inflationary pressures starting to catch alight it is especially important that wages data keeps up, having been running ahead of inflation since mid-2014. A 5k increase in unemployment, and steady ex-bonus wage growth at 2.7% unlikely to move sterling, but soggy enough to keep a mildly bearish bias. Related: Janet Yellen says Fed on course to raise US rates, UK inflation jumps to 1.8% - as it happened Continue reading...
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