gramgood morning.
There is another reminder of in cost-of-living crisis this morning, with in latest ONS data showing wages growth well behind behind raging inflation.
While average earnings excluding bonuses increased by 4.1% in February from year back when adjusted for prices fell 1.3%, the biggest drop since 2013.
It was also signs the work market recovery can work out of steam. While unemployment fell to 3.8%. in in quarter to February, and vacancies are left for record high, wages increased by just 35000 in March is good below expectations.
Numbers underline cost-of- live crunch that is expected hit demand and growth for rest of in year. Upstairs of rising prices and wage gaps, households also fight with recent electricity bills and tax increases.
5 things to start your day
one) How the UK is fighting to become a lithium power plant Inside race extract and purify vital car battery ingredient in United Kingdom
2) War in Ukraine causes a surge in food supply Clients race to buy canned tomatoes, tea and pasta as a threat of conflict is brewing
3) Heathrow faces pressure drop rise in landing fees Nearly 4.2 million passengers have used the London hub in March, highest level since start of pandemic
4) Brussels backs £6.3bn foreign takeover of Behemoth protecting Meggitt Sale of Typhoon Parts Manufacturer moves a step closer after support from the EU regulator
5) M&S cuts price on essentials among cost-of-life crisis Marks & Spencer will cut prices for everyday products, including milk and bread
What happened overnight
Asian markets are lower today as Japan and Hong Kong shares fall. Nikkei 225 is at -1.36% while Hang Seng down 0.64 percent.
Coming up today
- Corporate: Asos, EasyJet (intermediate)Liontrust Asset Management, Moneysupermarket.com, Pennon Group (trading statement)
- Economy: DBK retail sales (UNITED KINGDOM)unemployment rate (UNITED KINGDOM)plaintiff counts change (UNITED KINGDOM)average earnings (UNITED KINGDOM)consumer price indicator (USA, Germany)Overview of ECB bank lending (EUROPEAN UNION), monthly budget statement (US)
.
