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UK hiring falls by most in over four years as Brexit nears

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UK hiring falls by most in over four years as Brexit nears

By William Schomberg, Jonathan Cable

 

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FILE PHOTO: Workers are seen at the construction site of 22 Bishopsgate in London, Britain June 25, 2019. REUTERS/Hannah McKay/File Photo

 

LONDON (Reuters) - Britain’s jobs boom has weakened in the approach to Brexit with the number of people in work unexpectedly falling by the most in over four years and unemployment rising, official data showed on Tuesday.

 

Employment fell by 56,000 to 32.69 million in the three months to August, the Office for National Statistics said. Economists polled by Reuters had expected growth of 23,000.

 

The number of people out of work rose by 22,000 to just over 1.31 million, the ONS said.

 

Britain’s strong labor market has been the silver lining for the economy since the Brexit referendum in 2016, something many analysts attribute, in part, to firms hiring workers that they can later lay off rather than making longer-term commitments to investment.

 

But there were signs in Tuesday’s figures that employers were turning more cautious.

 

The unemployment rate unexpectedly rose to 3.9% from a 3.8%, which had been its joint lowest since the mid-1970s, while vacancies fell to their lowest level since the three months to November 2017.

 

“Challenging economic conditions are starting to take the shine off the UK’s job boom,” Tej Parikh, chief economist at the Institute of Directors, an employers group, said.

 

“Business leaders’ long-lasting drive to expand their workforce has put the labor market in a strong position. However, firms are now increasingly coming up against uncertainty and the shrinking supply of available talent.”

 

Many employers are worried about Prime Minister Boris Johnson’s pledge to take Britain out of the European Union on Oct. 31 without a transition deal to smooth the economic shock if necessary. However, lawmakers have passed legislation that they say will force him to seek a delay from Brussels.

 

A survey published separately on Tuesday by Britain’s main auto industry group showed jobs cuts at one in three firms in the sector, which risks being a big loser from Brexit. That was up from one in eight just under a year ago.

 

As well as worries about Brexit, Britain’s economy is feeling the drag from rising U.S-China trade tensions which have weighed on global growth.

 

The ONS labor market data showed a dip in the pace of pay growth which recently hit its fastest in more than 10 years.

 

Total earnings growth, including bonuses, rose by an annual 3.8% in the three months to August, slowing from 3.9% in the three months to July and weaker than the median forecast of 4.0% in the Reuters poll.

 

Excluding bonuses, which smoothes out some volatility, pay growth similarly slowed slightly to 3.8%, but was a touch ahead of the Reuters poll forecast of 3.7%.

 

The trend in pay growth is being watched closely by the Bank of England.

 

Deputy Governor Dave Ramsden said in a newspaper interview published on Sunday that wage costs were “picking up quite significantly, which will drive domestic inflationary pressure.”

 

However, the BoE is waiting for more clarity on Brexit before any decision to resume its gradual and limited program of interest rates hikes.

 

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-- © Copyright Reuters 2019-10-15

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Reuters is even stronger into project fear than the BBC. 

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5 minutes ago, brommers said:

Britain hardly amounts to a row of beans, with much if its manufacturing industry shuttered or on the hand of Indian & Japanese interests and its financial industry perched on a precipice.

5th largest economy in the world.

A lot of countries would like a row of beans that big.

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14 hours ago, anterian said:

Reuters is even stronger into project fear than the BBC. 

Oh dear, who do these brexiteers really think they are fooling when they attack well respected impartial news organisations when they do not like what they say???

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It's coming the clock is ticking, Brexit No Deal the best way to sink a great economy !

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2 hours ago, BritManToo said:

5th largest economy

At present maybe (figures from former years). 

With or without out a deal turning down to 10 even? 

One for sure : no longer 5th.😈😈

 

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9 minutes ago, sawadee1947 said:

At present maybe (figures from former years). 

With or without out a deal turning down to 10 even? 

One for sure : no longer 5th.😈😈

 

Its not the fifth its the 7th (still not a bad feat) But like you said later on it will probably get worse and worse. Those idiot nationalists are shooting themselves in the foot. 

 

http://worldpopulationreview.com/countries/countries-by-gdp/

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48 minutes ago, Basil B said:

Oh dear, who do these brexiteers really think they are fooling when they attack well respected impartial news organisations when they do not like what they say???

Of course its falls news it does not compute with their world view that Brexit is the best thing in the world. The pound will probably go even lower so they can keep competing. 

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9 minutes ago, robblok said:

The pound will probably go even lower so they can keep competing. 

Went from 37 to 39 in the last two days.

Looks like the money changers like Brexit.

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1 hour ago, Basil B said:

Oh dear, who do these brexiteers really think they are fooling when they attack well respected impartial news organisations when they do not like what they say???

Reuters is German ....... hardly independent.

Nobody knows what will happen, it's all just guessing to support you political worldview.

If you're a supporter of the New World Order, GloboHomo Inc., then you despise Brexit.

If you're a little Englander, nationalist, then you love Brexit.

 

I'm on the fence, don't care one way or the other, just wish they'd make a decision either way, and let us get on with our lives.

 

Actually I'm not all that on the fence, dissolve all local parliaments, get rid of the pound, have everyone under one Euro law, and just have Euro MPs in charge of the whole of Europe as one country would suit me just fine.

Unified pensions, nationality, social services, health care, armed forces, police, let's go all in.

Edited by BritManToo
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3 hours ago, brommers said:

It is strangely fascinating watching the UK commit self immolation and the US turn into a home for the bewildered racist nationalism espoused by D.Trump.

 

Britain hardly amounts to a row of beans, with much if its manufacturing industry shuttered or on the hand of Indian & Japanese interests and its financial industry perched on a precipice. My recent visit there confirmed what a damp, decayed and miserable place it is. As for the US there are few words to describe the damage it is self inflicting as it becomes a walled off state. Retaliation from countries and peoples who have been badly affected will take place in many different ways as the US flails about in the hands of a mentally unfit mob.

 

It all makes Thailand feel like a calm and sensible place to live.

What part of the swamp are you from?

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19 minutes ago, BritManToo said:

Reuters is German ....... hardly independent.

Nobody knows what will happen, it's all just guessing to support you political worldview.

If you're a supporter of the New World Order, GloboHomo Inc., then you despise Brexit.

If you're a little Englander, nationalist, then you love Brexit.

 

I'm on the fence, don't care one way or the other, just wish they'd make a decision either way, and let us get on with our lives.

 

Actually I'm not all that on the fence, dissolve all local parliaments, get rid of the pound, have everyone under one Euro law, and just have Euro MPs in charge of the whole of Europe as one country would suit me just fine.

Unified pensions, nationality, social services, health care, armed forces, police, let's go all in.

And the BBC, DG appointed by the Queen on the advice of of her ministers.

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47 minutes ago, robblok said:

Its not the fifth its the 7th (still not a bad feat) But like you said later on it will probably get worse and worse. Those idiot nationalists are shooting themselves in the foot. 

 

http://worldpopulationreview.com/countries/countries-by-gdp/

It's not at all surprising that someone who supported the overthrowing of the Democratically elected government in Thailand by a Military Junta would also start insulting people who have very real concerns about the undemocratic nature of the EU.

 

Labeling Brexit supporters "idiot nationalists" while simultaneously supporting Military generals illegally taking power in the name of national security does seem a tad inconsistent though 😆.

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