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Rise in UK job vacancies for five months in a row likely to fan inflation

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1 year ago

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A rise in job vacancies in the United Kingdom was seen for the fifth month in a row, which is likely to fan inflation as it signalled wage growth and stress in the labour market, Bloomberg reported citing a report by an employment website. 

The data given in the report by Adzuna released on Monday is based on every job advertisement in the Kingdom across 1,000 sources.

As many as 1.06 million vacancies across UK were listed on the job search site Adzuna in the month of June, which was 0.78% more than the previous month but lower than the same month in 2022.

As per the data, the advertised salaries witnessed a 3.6% rise as compared to the last year, while the number of days to fill the job openings dropped to a record low.

This showed that employers are still having a hard time hiring the required staff. A likelihood of biding up the wages was also observed which will consequently add to the risks of an inflationary spiral.

As per the report, the Bank of England (BOE) is closely monitoring UK’s job market to have an estimate of how much it further needs to jack up the interest rates to evade a wage-price spiral.

“Despite the recent small rises in unemployment, the labor market is still incredibly tight,” Institute of Employment Studies official Tony Wilson said in the Adzuna report.

A recent report stated that UK saw a 4% hike in national unemployment.

“This poses risks for future inflation. It’s also a reminder that the economy is still creating a lot of opportunities and many of them well paid,” Wilson added.

The numbers from Adzuna stand in stark contrast to those from Reed Recruitment, which revealed that in the three months leading up to May, vacancies in England decreased by roughly a third from their post-pandemic high.

Earlier this month, Chairman James Reed stated that chances of the UK entering a recession have increased due to a “significant” fall in listings over the previous year.

However, Adzuna co-founder seemed optimistic about the outlook for the economy.

“If hiring trends continue to improve, we could be back at the record hiring levels we saw in 2022 by the end of the year.” Hunter said in a statement. “Competition is high amongst employers looking to snap up the best candidates.”

Over the same time period, wage growth surged to 7.3% from a year earlier, beyond the level of comfort, BOE claims is consistent with its 2% inflation target.

London remained the only part of the country without a bump in pay. The biggest annual salary increase was recorded in property, a sector which saw a decline in vacancies year on year.

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With its second-largest surge ever, PSX approaches 114,000 points.

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Driven by renewed activity from both private and government financial institutions, the Pakistan Stock Exchange (PSX) saw its second-largest rally in history on Monday.

The market regained many important levels in a single trading session as it rose with previously unheard-of momentum.

Intraday trading saw a top increase of 4,676 points, and the PSX’s benchmark KSE-100 Index gained 4,411 points to settle at 113,924 points. This impressive rebound demonstrated significant investor confidence by reestablishing the 100,000, 111,000, 112,000, and 113,000-point levels.

The market also saw the 114,000-point limit reestablished during the trading session.

The positive tendency was reflected when the market’s heavyweight shares touched its upper circuits. Among the most busiest trading sessions in recent memory, an astounding 85.78 billion shares worth a total of Rs55 billion were exchanged.

Experts credited the spike to heightened institutional investor activity and hope for macroeconomic recovery. Considered a major market recovery, the rally demonstrated the market’s tenacity and development potential.

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In interbank trade, the Pakistani rupee beats the US dollar.

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1 week ago

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In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

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Phase II of CPEC: China-Pakistan Partnership Enters a New Era

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The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.

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