European Economic Downturn Ripples Through UK Employment Landscape
881 sats \ 12 comments \ @TomK 16 Apr econ
The subdued economic conditions plaguing Europe have now cast their shadow upon the employment realm in the United Kingdom. Recent data reveals a notable uptick in the unemployment rate, soaring from a previous 3.9% to a current 4.2%.
The latest UK Employment Change figures paint a stark picture, showcasing a 'surprising' decrease of 156,000 jobs over the past three months, contrary to forecasts that anticipated a gain of 74,000 roles. This downturn follows a previous decrease of 21,000 positions, highlighting the mounting challenges faced by the UK labor market amidst broader economic uncertainties.
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21 sats \ 0 replies \ @Coinsreporter 16 Apr
UK needs to urgently rebuild its fiscal capacity, so as to infuse some life in labor market otherwise it's going to deteriorate in upcoming months.
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21 sats \ 2 replies \ @Undisciplined 16 Apr
Do you know if they calculate unemployment like we do in America?
4.2% would generally be considered pretty normal over here?
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40 sats \ 1 reply \ @TomK OP 16 Apr
usually, Europeans manipulate unemployment rates much more excessively than Americans. that's because the pride of the european communists is the welfare state and the labor market model of the controlled economy. in germany, for example, recipients of citizen's benefits or people over 55 no longer fall into these statistics. there's a whole system of benefits that cause people to fall out of the labor market statistics. so usually you can increase that number by at least 50 to 100%
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21 sats \ 0 replies \ @Undisciplined 16 Apr
I think that's roughly the same, conceptually, but the much more "generous" welfare states over there make the accounting that much stupider.
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21 sats \ 7 replies \ @siggy47 16 Apr
A little off topic, but what do you think about this craziness? https://www.zerohedge.com/geopolitical/transport-minister-threatens-germans-indefinite-weekend-driving-ban-meet-mandated
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27 sats \ 6 replies \ @TomK OP 16 Apr
you have to consider the coalition dynamics as background. the liberal party in Germany is facing parliamentary extinction because it is threatening to slip below the 5% mark. it is trying to draw attention to itself again with some crazy populism, just as it is now trying to enforce market economy rules again. Of course, all of this is nothing more than political frothing at the mouth.
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41 sats \ 5 replies \ @siggy47 16 Apr
I'm going to change subjects again. Do you see the yen? The BOJ has to do something. I was listening to a guy who thinks Japan will sell US treasuries, sending yields through the roof.
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48 sats \ 1 reply \ @john_doe 16 Apr
I am not an economist or financial guy but last time I have heard of this kind of news in Japan, the rate JPY/USD dipped and then went back right after. My 2 cents.
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37 sats \ 0 replies \ @TomK OP 16 Apr
yes, i also believe that a very precise intervention by the Japanese central bank will follow very soon. but much more interesting is the crash of the euro. we are all betting that this spook will come to an end one day
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27 sats \ 2 replies \ @TomK OP 16 Apr
yes, i also believe that the intervention of the Japanese central bank is imminent. however, this always happens in the context of coordinated action together with the Federal Reserve. the recent interest rate spike in America and everywhere else is unsustainable for public finances in the medium term.
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21 sats \ 1 reply \ @siggy47 16 Apr
So you think the BOJ will wait for the fed to do a rate cut? They import all their oil. How can they afford to keep doing this in a dollar denominated market?
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27 sats \ 0 replies \ @TomK OP 16 Apr
the Bank of Japan will soon have to support the yen in order to prevent imported inflation, so much is clear. as far as the sell-off of US government bonds is concerned, I believe that there will continue to be sufficient foreign buyers for the securities. the eurozone in particular will do everything it can to defend the interest rate spread and ensure that it does not widen too far against the euro in order to prevent capital flight
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