Beijing time: 2024-10-08 03:09
[New Tang Dynasty News, Beijing time, October 8, 2024]Please take a look at a set of global financial briefings below.
UK wage growth slows to lowest level in almost four years
The British Federation of Recruitment and Employment and KPMG said on Monday (October 7) that a measure of growth in starting salaries for full-time employees in the UK fell to the lowest level since February 2021, indicating more signs of cooling in the job market. This may have reduced the Bank of England‘s concerns when considering a rate cut.
Boeing’s stock price rose 2.98% on October 4 as labor and management returned to negotiations
The 24-day strike by Boeing employees shows signs of easing. According to media reports, Boeing and the union will return to the negotiating table on the 7th. The company’s stock price closed up 2.98% at the end of last week. Boeing’s current labor contract has been in effect for 16 years and expired on September 12 this year. Boeing’s labor and management parties have held multiple negotiations since March, but have been unable to reach a consensus.
Electric vehicle maker Rivian is applying for a loan from the federal government to facilitate construction of its new Georgia plant, according to U.S. Department of Energy documents. The Department of Energy has not yet made a decision. Rivian has suspended construction of the new plant to prioritize production of the R2 mid-size SUV.
Nearly 3,000 parents in South Korea filed gift tax returns totaling 275.4 billion over the past five years
South Korean media reported that according to National Tax Service data, parents of 2,829 newborn babies in South Korea have declared gift taxes in the past five years, with a total gift amount of 275.4 billion won. Korean law stipulates that property donations within a certain amount are tax-free. A member of Congress emphasized that during the process of wealth inheritance, it is necessary to clarify whether there are illegal gifts and tax evasion.
Comprehensive reporting by NTDTV reporter Jason
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Analysis: UK Wage Growth Slows to Lowest Level in Almost Four Years
The latest news regarding the UK’s wage growth is a cause for concern, as it has slowed down to its lowest level in almost four years. This concerning trend has been reported by various reliable sources, including the British Federation of Recruitment and Employment and KPMG.
According to recent data, the UK’s jobless rate has declined, but simultaneously, wage growth has cooled down. In July 2024, wages in the United Kingdom grew by approximately 5.1 percent, although when adjusted for inflation, wages only grew in real terms by a lower percentage [[2]]. This trend is further emphasized by a report from the Office for National Statistics, which states that annual earnings growth, excluding bonuses, declined to 5.1 percent, down from 5.4 percent in the three months to May [[3]].
In the private sector, regular pay growth has been reported to be at 4.9%, which is considered to be a little “peaky” [[1]]. This slowdown in wage growth is a concerning trend, as it may have long-term implications for the UK’s economy.
It is essential to note that the slowdown in wage growth may be a result of various factors, including changes in the labor market and the overall economic environment. However, this trend is significant, as it may impact the purchasing power of consumers and overall economic growth.
the slowdown in the UK’s wage growth to its lowest level in almost four years is a concerning trend that warrants attention. As the economy continues to evolve, it will be crucial to monitor this trend and its potential implications for the labor market and the overall economy.
Sources:
[[1]]https://www.morningstar.co.uk/uk/news/254012/uk-jobless-rate-declines-and-wage-growth-cools.aspx
[[2]]https://www.statista.com/statistics/933075/wage-growth-in-the-uk/
[[3]]https://www.ft.com/content/af452f0b-ab3b-4aeb-a957-127bfb3f2174
