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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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Islamic Sukuk Bonds: Government Is Expected To Begin Bond Auction Next Week

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There is now more positive economic news for the people of Pakistan. The government is anticipated to begin the Sukuk Islamic Bond auction next week, after the central bank’s announcement of a large drop in the policy rate.

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SIFC Encourages Green Tourism: Reforming Visas to Increase Investment

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Enhancing investment in the tourism sector, Green Tourism Pakistan’s initiative has received backing from the Special Investment Facilitation Council.

Visa-On-Arrival for 126 countries, Visa-Free Entry for Gulf Cooperation Council nations, and 24-hour expedited visa processing are some of the main features of the Green Tourism Visa Policy.

It is anticipated that these endeavors will draw in about 80 million dollars in foreign direct investment and 8.3 billion rupees in domestic investment.

Green Tourism Private Limited has introduced hunting resorts in Naltar, Hunza, and Skardu, along with four- and five-star city hotels, to improve the tourism experience.

In the first phase of the project, 17 of the 78 areas have seen the start of development activity.

Approved is a central authority for Green Tourism that will supervise the growth of Air Operations.

To promote Religious Tourism, extra precautions have been taken to guarantee the security of visitors from all religions, including Sikhs and Buddhists.

Furthermore, in order to improve the quality of the tourist experience, the green guide quality program has been introduced to supply top-notch tour guides.

There is now a deluxe bus excursion from Islamabad to Peshawar that promotes local culture.

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July 2024 export data from Pakistan shows a significant rise.

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The Strategic Investment Facilitation Council (SIFC) has been instrumental in improving Pakistani products’ access to international markets, as seen by the significant surge in exports from the country at the start of the 2024–25 fiscal year.

With a 7.26% rise over the same month the previous year, July 2024 exports to the US were $476.017 million. After increasing by 7.74% annually, the United Arab Emirates emerged as the second-largest export destination.

The third and fourth places were occupied by exports to the UK ($183.303 million) and China ($60.100 million). A substantial increase in exports to Afghanistan was recorded in July of this year, rising from $46.262 million to $88.065 million, largely due to successful anti-smuggling efforts.

With a combined export volume of $553.951 million, more important export destinations included Germany, the Netherlands, Italy, Spain, Saudi Arabia, and Turkey.

A bright future for the national economy is suggested by the growing confidence major international markets have in Pakistani exports. Through the efforts of SIFC and the government, this greater access to global markets has been made possible.

Pakistan’s economy is predicted to remain stable as a result of the export growth that SIFC has enabled.

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