After Tesla deal, Shanghai to speed up cancellation of foreign ownership limits
Iran vows ‘CONSEQUENCES’ if U.S. undermines Tehran’s oil trade as tensions mount
Austria ready to act at borders if Germany moves on migrants
Rapper Nas invested early in PillPack, Amazon's latest buy
Harley-Davidson to build motorcycles destined for European Union outside of U.S.
United Kingdom economy wins wages boost, unemployment dips
18 April 2018, 12:28 | Cedric Leonard
Britain's Prime Minister Theresa May attends a Commonwealth Heads of Government Meeting Youth Forum in London
"A lot of the detail in the report suggests the labour market is still tightening", Philip Shaw, an economist with Investec, said.
Unemployment in the United Kingdom fell unexpectedly between December and February, according to new data released by the Office for National Statistics on Tuesday. The Office for National Statistics said the unemployment rate unexpectedly fell to 4.2 percent, its lowest since the three months to May 1975. With unemployment at its lowest level since the 1970s, employers have begun raising pay for staff more quickly, though by less than increases of about 4 percent a year before the financial crisis. That's 55,000 more than in the previous period. That's higher than the rate of inflation, which was 2.7% at the most recent reading.
Wages grew on average by 2.8% over the period.
The wages news came as a report by the Resolution Foundation predicted that falling United Kingdom home ownership rates mean a third of millennials will spend their lives in rented housing.
Annual pay growth excluding bonuses accelerated to 2.8 per cent in the three months through February, the Office for National Statistics said Tuesday.
Matt Hughes, senior ONS statistician, said: "The labour market continues to be strong and, for the first time in nearly a year, earnings have grown slightly after inflation has been taken into account". "The unemployment rate fell, too, and is at its lowest since 1975".
The return to real terms wage growth will revive hopes for the high street, where retailers have been struggling thanks to the strain on consumers' finances.
Sterling touched its highest level against the dollar since the United Kingdom voted to leave the European Union, with currency bulls supported by seasonal flows traditionally seen in April, the dollar's weakness and money-market traders betting on a Bank of England interest-rate increase next month.
Work and Pensions Secretary Esther McVey said: "Another milestone for employment has been reached under this Government as employment reaches a record high, up 3.2 million since 2010 - the 16th time the employment record has been broken in the same period". BANK OF ENGLAND'S PAY FOCUS The BoE has said it expects the fall in unemployment to start pushing up pay more quickly, the main reason why it has said it is likely to raise borrowing costs a bit faster than it previously thought.
Germany's Merkel backs joint strike on Syrian regime
Chancellor Angela Merkel has said that Germany won't join military strikes against Assad, while leaving non-military options open. US Defense Secretary Jim Mattis called the strikes a "one-time shot" with no additional military action planned for now.
Trump Tower apartment fire kills one, injures four
In all, six firefighters - of the roughly 200 or so who had responded - suffered minor injuries fighting the blaze, Nigro said. The cause of Saturday's fire is still unknown, according to CBS, as is the cause of the man's death, the Daily News reported.
Putin, Erdogan discuss Syria in phone call
Trump also blamed Moscow for being partners with "a gas killing animal", referring to Syria's Bashar al-Assad. Erdoğan said that the number of "neutralized" PKK terrorists in northern Iraq reached 337.
Khloe Kardashian has given birth to her first child
A report in People magazine on Wednesday quoted an "insider" as saying that the cheating allegations were "a long time coming". It is reported that reality TV star Khloé Kardashian has welcomed her first child , a baby girl .