UK employment data released
Today’s economic calendar is fairly empty, so the focus is on the UK’s unemployment report, released earlier today. UK jobs vacancies were at 783,000 in the three months to September, up from 779,000 in the three months to August.
The UK is still suffering politically since the election earlier this year, which saw Theresa May lose her majority in Parliament, forcing a coalition with the Democratic Unionist Party (DUP). The petition against this coalition continues to grow in numbers. Further, Brexit negotiations are still a hot topic, with the clock ticking (March 2019 is less than a year and a half away) and constant reports of little to no progress being made in the first five rounds of talks. The divorce bill settlement seems to have the two sides at an impasse.
Recent economic data releases in the UK suggest that the economy may be starting to show signs of weakening, with GDP growth figures noticeably lower than our European peers.
That being said, the unemployment report and other recent data suggest there hasn’t yet been a devastating impact on the UK as a result of Brexit, but things are less than satisfactory to say the least, as the jobless rate is at a 42-year low.
Earnings growth has moved up to 2.2% but is still lagging behind inflation at 3%.
Data to Watch:
N/A Portugal’s current account balance report
8:10 EUR ECB President Draghi speech
9:00 EUR August construction report
11:00 USD MBA mortgage applications report
11:45 EUR ECB Praet speech
12:30 USD Housing starts and building permits reports
12:30 CAD Manufacturing shipments report
14:30 USD EIA crude oil inventory report
18:00 USD Fed Beige book
23:50 JPY September trade balance