Price Controls, Britain's Struggling Jobs Market, and the SpaceX IPO
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What recent UK economic data has impacted the jobs market?
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Welcome to the Merrin Talks Money Markets Wrap. We'll be talking about the latest moves in the market this week and what's been driving them. I'm John Stebbick, senior reporter and author of the Money Distilled newsletter. I'm filling in for Merrin as she's off on holiday. And joining me in the London studio today for our market wrap is Sam Unstead, editor on the Markets Today live blog, which a regular, regular reader of keeps me on the straight and narrow. Welcome to the show, Sam.
Thank you.
Thanks very much for joining us. Thank you very much. I mean, it's been quite a busy few weeks, really, with the UK and politics and all the rest of it. But one thing we got this week, which I thought was interesting, is all of the economic data that's come out. So we've had jobs and inflation. And today, as we're recording on Thursday, we've had the PMI as well. And it's actually been kind of a relief in a funny kind of way because guilt markets have kind of come off a bit because of this.
Yes. Let's take it chronologically. Right.
How are job losses affecting different sectors in the UK?
So over the course of the week, we had jobs days at first. Right. Pretty bad. It was pretty much pretty much across the boards. Quite a lot of jobs being lost. So I'm not always a bit sceptical about the payroll employees. number because it's it's very very uh prone to revision but it was very high it's like a hundred thousand so pretty significant and there's a couple of other areas of it that are that are very soft so vacancies have fallen a lot and they're getting hit at kind of both ends of the income spectrum so you're seeing entry-level jobs so the retail sector for example vacancies are falling loads there so for that's for kind of the lower income you know entry-level gigs there and that's where costs have been driving up a lot in the past yeah exactly yeah which
And then at the other end of it, AI, you know, the other sector where vacancies are going down is in IT. So at both ends of here, you're seeing these kind of squeezes happen. Second jobs, hours worked in second jobs is a joint record high. So all these kind of worrying signs starting to come through that things are looking a bit softer in the jobs market.
Yeah. Well, it's also in the wages, isn't it? Because if you're going to look at the wages, there's still some base effects from the public sector stuff. But now the private sector is rising about 3.2 it was, isn't it? And so you're basically talking about wages being flat to falling in real terms. And that's never great for consumption or for people's mood, apart from anything else. But the other thing I thought was interesting was, and I don't, the job state is a bit ropey anyway, and the ONS has admitted that. But construction sector, wages are like down significantly. like 0.6% year on year in nominal terms. Exactly. I find what's happening with the building sector in this country at the moment just actually quite staggering.
Every number you look at, it's through the floor.
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Chapters
8 chapters
1
What recent UK economic data has impacted the jobs market?
0:00–2:31
2
How are job losses affecting different sectors in the UK?
2:31–5:30
3
What are the implications of rising inflation on the UK economy?
5:30–8:53
4
How do proposed government price controls affect the economy?
8:53–11:27
5
What is the significance of the SpaceX IPO in the market?
11:27–15:00
6
How might mega-IPOs influence stock market trends?
15:00–18:36
7
What role does AI play in shaping market expectations?
18:36–20:45
8
What are the potential risks of upcoming IPOs for investors?
20:45–21:54
Speakers
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