Wednesday, July 28

reopening

COVID-19, Markets, MI Exclusive, Pay Growth, reopening, UK Economy, UK Labour Markets, UK Unemployment, Wage Growth

The number of Brits on payrolls surged by 356,000 in June as the economy reopened and hospitality boomed

The UK economy is gradually reopening from coronavirus lockdowns. Andrew Milligan-PA Images / Getty The number of Brits on payrolls surged by 356,000 in June as the economy bounced back from COVID-19. Britain's economy is gradually reopening, causing the hospitality sector to increase hiring rapidly. However, the unemployment rate ticked up to 4.8% in the three months to May, data showed. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. The number of Brits finding work surged in June as the economy rebounded from COVID-19 lockdowns, with 356,000 added to UK company payrolls compared to May.It was the biggest increase in payrolls since the start of the pandemic, figures released Thursday by the Office for National Statistics showed."The labor market is con...
Bank of England, CPI inflation, Economy, June, Markets, MI Exclusive, reopening, UK CPI inflation, UK inflation, us inflation, used car prices

UK inflation jumped to a three-year high in June, driven by price increases in clothes and second-hand cars

Clothing prices rose in June after UK stores reopened. Mike Kemp/Getty Images Prices across the UK economy rose at the fastest rate in three years in June, official data released Wednesday showed, as Brits spent on clothes and meals out as the economy reopened.The UK consumer prices index rose 2.5% in the year to June 2021, from 2.1% in May. It was the highest reading since August 2018 and above economists' expectations for a 2.2% increase.Britain's Office for National Statistics said prices rose in particular for food, second-hand cars and clothing in the year to June, as well as for eating and drinking out and motor fuel."Some of the increase is from temporary effects, for example rising fuel prices which continue to increase inflation, but much of this is due to prices recover...
Home Improvement, inflation, Lumber, lumber outlook, lumber prices, Markets, MI Exclusive, reopening

Lumber prices have turned negative for the year after red-hot rally as the home improvement boom cools

Lumber prices soared up until May, when they started to tumble. Josef Mohyla/Getty Images Lumber prices have dropped into negative territory for the year after two months of dramatic falls, as the home improvement boom cools and producers increase supply to meet demand.On Monday lumber futures for September delivery fell 5.6% to $712.90 per thousand board feet, Bloomberg data showed. The fall took prices 0.6% below where they started the year.Lumber soared in the first few months of 2021 as Americans stuck at home due to the pandemic renovated their houses and a booming property market added to demand. Prices peaked at more than $1,730 per thousand board feet in May as suppliers struggled to keep up.The rocketing price of lumber captured the attention of the market as a sign of t...
Bond Yields, delta variant, Economy, inflation, Markets, MI Exclusive, reopening, Stocks

Top Fed official warns the COVID delta variant is a threat to the US economy and says the central bank will keep supporting growth

Mary Daly is president of the San Francisco Federal Reserve. The Washington Post/Getty Images The COVID delta variant is a threat to the global economy and US growth, a top Federal Reserve official said. SF Fed boss Mary Daly told the Financial Times the central bank should be patient in supporting the US recovery. Policymakers are debating how fast to withdraw support in the wake of a rapid rebound. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. A top policymaker at the Federal Reserve has said the fast-spreading delta COVID-19 variant poses a risk to the rebound in global growth, and said the central bank should be patient in supporting the US recovery."I think one of the biggest risks to our global growth going forward is that we prematurely declare ...
chip shortage, FTSE 100, GBP, Markets, MI Exclusive, microchip, reopening, UK Economy, UK GDP, Vaccines

The UK economy grew just 0.8% in May as manufacturing troubles caused the rebound to lose steam

UK car production plunged in May, official data showed. Owen Humphreys-PA Images/Getty Images The UK economy undershot expectations to grow 0.8% in May, as bottlenecks in the manufacturing sector offset rapid growth in the hospitality industry, official data showed on Friday.That month-on-month growth in gross domestic product was well below the 1.7% uptick economists had been expecting. It compares with a 2% rise in April, revised down Friday from 2.3%. Overall, UK GDP was 3.1% smaller than before the pandemic in February 2020.The manufacturing sector badly underperformed in May, contracting 0.1%, the UK's Office for National Statistics said. Analysts were expecting strong growth in the sector.Transport equipment manufacturing suffered the most, falling 16.5% in May compared wit...
Boris Johnson, coronavirus, England, Lockdowns, Politics, reopening, Reuters, Science

England’s coronavirus restrictions could finally lift later this month, Boris Johnson announced Monday

British Prime Minister Boris Johnson holds a news conference for England's COVID-19 lockdown easing announcement in London, Britain, on July 5, 2021. Daniel Leal-Olivas/Pool via REUTERS British Prime Minister Boris Johnson announced plans on Monday to ease England's COVID-19 lockdown. He said guidance to employ social distancing, face coverings, and working from home would all end. Johnson said he expected the lifting of restrictions to go ahead on July 19. See more stories on Insider's business page. LONDON (Reuters)-British Prime Minister Boris Johnson set out plans on Monday for the final step in easing England's COVID-19 lockdown, including the removal of laws governing social distancing and face coverings, and an end to official advice to work from home.Johnson said he expecte...
JPMorgan, JPMorgan Asset Management, Markets, MI Exclusive, Reflation Trade, reopening, reopening trade, Rotation to value, Stock Market Outlook, US stocks, value stocks

The rotation into value stocks will get a new lease of life as the US economy booms, JPMorgan strategist says

The US economy is booming as Americans spend built-up savings. Noam Galai/Getty Images The rotation into value stocks should pick up pace again as the US economy roars, a JPMorgan strategist said. Hugh Gimber said Americans with built-up savings should benefit banks and consumer-focused companies. The so-called reflation trade has paused in recent days after the Fed appeared to shift its stance. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. The rotation into so-called value stocks in the US has further to run as rapid economic growth pushes up bond yields, a JPMorgan strategist has said, despite signs that the trade has cooled in recent days.Hugh Gimber, JPMorgan Asset Management's global market strategist, told Insider that companies in the financial ...
British economy, Economy, Markets, MI Exclusive, q1 gdp, reopening, UK Economy, UK GDP, Vaccines

The UK economy grew 2.1% in March, beating expectations as the vaccine-driven recovery picked up speed

The UK economy is gradually reopening from coronavirus lockdowns. Phil Noble/Reuters The UK economy grew 2.1% in March, considerably more than expected by economists, as business and consumer optimism grew as COVID-19 cases fell and the vaccination drive picked up speed, according to data on Wednesday.The 2.1% month-on-month expansion in gross domestic product was above expectations for growth of 1.3% and was helped by schools reopening as part of the country's "roadmap" out of lockdown. It was the strongest monthly growth since August 2020.March's increase helped the UK economy shrink by marginally less than expected in the first quarter, notching up a 1.5% contraction due to the restrictions put in place in January that were then gradually eased, the Office for National Statist...
Anxiety, Contributor, contributor 2019, Isolation, Loneliness, Nordic, Pandemic, reopening, Science, Social Distancing, The Conversation

Why your brain may need time to readjust to social gatherings after the pandemic, according to a neuroscientist

36% of adults in the US and 61% of young adults reported "serious loneliness" during the pandemic. Nearly half of Americans also reported feeling uneasy about returning to in-person interaction. Neuroscientist Kareem Clark says it may take time for some to reset their'social homeostasis,' or need to socialize. LoadingSomething is loading. ...
BI-freelancer, Careers, contributor 2019, Hamptons, Hospitality, job diary, Laura Casado, Luxury, New York, Nordic, reopening, Restaurants, The Hamptons, Wealth

I own 2 Hamptons hot spots that have been booked solid for a month. People will do just about anything to snag a table, from flashing cash to pretending they know me.

Zach Erdem is the owner of 75 Main and Blu Mar, two hotspot restaurant and bar destinations in Southampton, New York. His restaurants reopened at full capacity on June 1, and have been booked solid ever since. Here's what it's like running his restaurants post-pandemic, as told to freelance writer Jenny Powers. See more stories on Insider's business page. Reopening my restaurants felt as if we'd all suddenly been released from a year-long cage, and now everyone is trying to make up for lost time. The Hamptons are filled with people who aren't used to hearing'no.' With much fewer restaurants, bars, and clubs than places like Manhatt...