Headlines
UK Labour Market Exodus Drives Jobless Rate Down to 3.5%
Britain’s unemployment rate fell to its lowest since 1974 at 3.5% in the three months to August, but the drop was driven by a record jump in the number of people leaving the labour market, adding to the Bank of England’s headaches.
The number of people classed as inactive – neither in work nor looking for it – rose by 252,000 from the three months to May, the biggest such increase since records began in 1971, the Office for National Statistics said.
The BoE, which is also trying to stem financial market turmoil triggered by new Prime Minister Liz Truss’s unfunded tax cuts and her pledges to end the economic “orthodoxy”, is worried that the shrinking labour market will fuel inflation pressures.
“While there were tentative signs that the labour market is cooling from the red-hot conditions seen in recent months, the shortfall in labour supply is keeping it exceptionally tight,” Ruth Gregory, an economist at Capital Economics, said.
“That will maintain intense pressure on the Bank of England to raise rates aggressively over the coming months.”
The BoE has raised interest rates from 0.1% last December to their current level of 2.25%.
Investors are betting heavily on a full percentage-point increase in its next policy announcement on Nov. 3 as it moves to offset the inflationary implications of the tax cuts announced by finance minister Kwasi Kwarteng last month.
The ONS said there had been a spike in employment and a fall in inactivity in the three months to May which might, at least in part, explain some of the big change in the three months to August.
The 0.6 percentage points increase in the inactivity rate to 21.7% in the period was the biggest on record alongside the increase between March and May 2020 when the coronavirus pandemic hit Europe, the ONS said.
Economists polled had expected the jobless rate to remain at 3.6%.
The number of people in employment fell by 109,000 in the June-August period, less than a median forecast for a 155,000 drop in the Reuters poll.
Wages excluding bonuses rose by 5.4%, their highest growth rate since the three months to August 2021. The Reuters poll had pointed to a slightly smaller increase of 5.3%.
Including bonuses, wages rose by 6.0%, a bit stronger than the poll forecast of 5.9%.
But wages are rising by far less than inflation which came in at nearly 10% in the most recent data.
The number of job vacancies in the July-to-September period fell to 1.246 million, its lowest since late 2021 but still high by historical standards, underscoring the problems facing many employers struggling to fill their empty roles.
“The labour market remains extraordinarily tight with, for the first time ever, more vacancies in the economy than the number of people looking for work,” Kitty Ussher, chief economist at the Institute of Directors, said.
“Combined with such a low rate of unemployment and pay rises edging upwards, we see no reason why the Bank of England would pause its upward march of interest rate rises when it meets in early November.”
Headlines
Commission, journalists partner to revamp water sector in Kaduna
The Kaduna State Water Services Regulatory Commission (KADWREC) says it is partnering media practitioners towards revamping water services in the state.
Mr Dogara Bashir, the Executive Chairman of KADWREC, disclosed this on Monday at a one-day workshop organised for media practitioners on regulation of ‘Water, Sanitation and Hygiene’ (WASH) activities held in Kaduna.
Bashir said the commission was aware of the importance of the role media practitioners played in the society.
He stated that the workshop was to provide an avenue to liaise with them as important stakeholders on water supply and sanitation services in the state.
Bashir said: “As media practitioners, we believe you are a gateway to the citizens so, the workshop would acquaint you with some of the regulations already in place so that you can in turn transmit it to the public
“The state of water services in Kaduna State is in dire need of attention and the State Water Corporation and KADWREC were established towards addressing the seeming challenges.
“The commission is mandated to ensure better service delivery and regulation of water and sanitation services in the State.
“The idea is that once the regulations are developed, we send them to the State Ministry of Justice to gazette and then we get the state government to endorse and give the go ahead to commence the implementation of the regulations
“We intend to implement them fully come January, 2025 God willing, as we have embarked on advocacy activities having gone to zones 1 and 2 where we talked to traditional rulers, security agencies and the Judiciary.”
He disclosed that a special Court has already been attached to the commission by the Chief Judge of the State for service providers who may likely violate regulations.
The chairman further said that amongst the commission’s objectives include ensuring security, reliability and quality of service in the production and delivery of water to the consumers as well making regulations to control the sinking of boreholes.
Others included; maximising access to water services by promoting and facilitating consumer connections to distribution systems in urban and rural areas.
According to Bashir, they also include ensuring that regulatory decision-making has regards to all the relevant health, safety, environmental and social legislation applying to the water sector.
Bashir further said that the commission collaborate with the relevant state and federal agencies on water policies.
Crime
2 ladies docked for allegedly obtaining money by fraud
The police in Lagos have dragged two women, Mmesuma Ofunna, and Blessing Adimekwe, before an Ojo Magistrates’ Court in Lagos, over alleged obtaining money by false pretence.
Ofunna, 22, and Adimekwe, 25, were arraigned before the Magistrate, Mr L K J Layeni, on a four-count charge bordering on conspiracy, obtaining by false pretence, stealing and conduct likely to breach peace.
They each, however, pleaded not guilty to the charge.
The prosecutor, ASP Simon Uche, told the court that the defendants conspired with others now at large, to commit the offence on Oct. 26 at the Okokomaiko area of Ojo.
He alleged that they had obtained the sum of N70, 000 from one Faith Ahamefule, with a promise not to post her nude photo on social media.
The prosecutor alleged that the defendants later posted the nude photo of the nominal complainant on social media, knowing that their promise was false.
He alleged that they stole the N70, 0000, thereby conducting themselves in a manner likely to breach public peace.
The offence contravenes the provisions of sections 168(d), 287, 314, and 411 of the Criminal Law of Lagos State 2015.
The court granted the defendants bails in the sum of N500, 000 each, with two sureties each in like sum.
He adjourned the case until Jan. 8, 2025 for mention.
Headlines
Driver jailed 6 months for attempting to steal a car
A Jos Magistrates’ Court on Monday, sentenced a 37-year-old driver, Ahmad Umar to six months in imprisonment for attempting to steal a car.
The Magistrate, Shawomi Bokkos, summarily tried and sentenced the convict after he pleaded guilty to the charge.
Bokkos in his judgment, ordered the convict to pay an option of N30, 000 fine or spend six months in prison.
Earlier, the Prosecutor, Insp Ibrahim Gokwat, told the court that the case was reported on Oct. 10, at the Area Command Police station through a distress call by one Sydney Peacemorie the complainant.
Gokwat said the complainant parked his Toyota RAV4 in front of Access Bank and went inside to carry out some transactions, only to return to find the convict inside his car.
“The convict unlawfully opened the car and was in the driver’s seat when the complainant raised alarm and he was apprehended, but his accomplice escaped.
“The convict was severely beaten by a mob but was rescued by the police,” said Gokwat.
“The prosecutor said that the offence contravened the Plateau Penal Code Law.
-
Business3 years ago
Facebook, Instagram Temporarily Allow Posts on Ukraine War Calling for Violence Against Invading Russians or Putin’s Death
-
Headlines3 years ago
Nigeria, Other West African Countries Facing Worst Food Crisis in 10 Years, Aid Groups Say
-
Foreign3 years ago
New York Consulate installs machines for 10-year passport
-
Technology4 months ago
Zero Trust Architecture in a Remote World: Securing the New Normal
-
Entertainment2 years ago
Phyna emerges winner of Big Brother Naija Season 7
-
Business7 months ago
Nigeria Customs modernisation project to check extortion of traders
-
Business9 months ago
We generated N30.2 bn revenue in three months – Kano NCS Comptroller
-
Headlines7 months ago
Philippines’ Vice President Sara Duterte resigns from Cabinet