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FTSE plunges as UK labour market strain sparks stagflation fears
Yahoo Finance UK
FTSE plunges as UK labour market strain sparks stagflation fears
Suban Abdulla
Tue, April 12, 2022, 4:12 AM
European stocks were in the red ahead of a jam-packed few days with US inflation data on the docket on Tuesday, UK inflation on Wednesday and central bank meetings this week.
Investors are also concerned that China's COVID lockdowns could exacerbate supply chain problems and weigh on global economic growth and the crisis in Ukraine.
The FTSE 100 (^FTSE) plummeted 0.9% on the open after the latest snapshot of the UK economy revealed that real wages are lagging behind soaring inflation as living standards suffer the biggest drop since 2013. ... Elsewhere in Europe, France’s CAC (^FCHI) was 1.6% lower after the opening bell and the DAX (^GDAXI) lost 1.7% in Germany.
UK average earnings minus bonuses rose 4.1% compared to a year ago, according to the Office for National Statistics, however they dropped 1.3% when adjusted for inflation, the sharpest fall since 2013. The figures suggested jobs growth may be slowing, with employers adding just 35,000 to their payrolls in March — below expectations and the lowest number since February 2021.
{snip}
FTSE plunges as UK labour market strain sparks stagflation fears
Suban Abdulla
Tue, April 12, 2022, 4:12 AM
European stocks were in the red ahead of a jam-packed few days with US inflation data on the docket on Tuesday, UK inflation on Wednesday and central bank meetings this week.
Investors are also concerned that China's COVID lockdowns could exacerbate supply chain problems and weigh on global economic growth and the crisis in Ukraine.
The FTSE 100 (^FTSE) plummeted 0.9% on the open after the latest snapshot of the UK economy revealed that real wages are lagging behind soaring inflation as living standards suffer the biggest drop since 2013. ... Elsewhere in Europe, France’s CAC (^FCHI) was 1.6% lower after the opening bell and the DAX (^GDAXI) lost 1.7% in Germany.
UK average earnings minus bonuses rose 4.1% compared to a year ago, according to the Office for National Statistics, however they dropped 1.3% when adjusted for inflation, the sharpest fall since 2013. The figures suggested jobs growth may be slowing, with employers adding just 35,000 to their payrolls in March — below expectations and the lowest number since February 2021.
{snip}