Business

Sterling rises as latest UK jobs data seals case for Bank of England rate hike

Economists say a December rate hike by the Bank of England is mostly warranted after data showed the end of the hike did not lead to a job market decline.

The Office for National Statistics reported that paid employees rose 160,000 in October, after the boost ended in September. The statistics agency said a separate business survey showed that The lack of staff is not only a function of the companies working during the layoff. The responses to our business survey suggest that the excess numbers are likely to be a fraction of the numbers still growing at the end of September 2021, the agency said. the agency said.

The markets priced in the December rate hike, though to be fair, they priced in the unprecedented November rally. And there is still one more work report before the next Bank of England meeting.

“Although a small increase in unemployment is likely due to high payments ending up for jobs that cannot be earned, strong job gains, persistent wage pressures and further increases in vacancies will likely support an immediate 15% increase in bank rates.” Kallum Pickering, senior economist at Berenberg.

Yield when gilding for 2 years
TMBMKGB-02Y,
0.572%

increased to 0.57% from 0.56%. GBP
GBPUSD,
+ 0.39%

rose to $1.3466 from $1.3415, although still well below levels before the last Bank of England meeting.

FTSE 100
UKX,
-0.14%

stable like other European markets
SXXP,
+ 0.18%

rose to reach record highs. US stock futures
ES00,
-0.10%

slightly lower than retail sales data.

Vodafone Group
VOD,
+ 5.32%

VOD,
-0.58%

4% increase as a mobile operator Advanced financial year adjusted profit and cash flow guidance.

Imperial brand
IMB,
-1.38%

added 2% as the tobacco company beat past earnings estimates and said it is well placed to manage inflation.

https://www.marketwatch.com/story/pound-rises-as-latest-u-k-jobs-data-seals-case-for-bank-of-england-rate-hike-11637052799?rss=1&siteid=rss | Sterling rises as latest UK jobs data seals case for Bank of England rate hike

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