British job openings continue steady decline, wage growth cools
The ONS’s data also showed this morning that job vacancies in the U.K. fell to 736,000 between March and May — a decline of 63,000 openings, or 7.9%, from the previous three-month period.
It marked the 35th consecutive decline in job openings.
Meanwhile, average earnings (including bonuses) saw a year-on-year increase of 5.3% for the period between February and April. Since spiking to 6.1% in December, annual wage growth in the country has steadily cooled.
U.K. unemployment rate rises to 4.6%, in line with expectations
A staff wanted sign in the window of a restaurant in the Soho district of London, U.K., on Tuesday, Sept. 7, 2021.
Bloomberg | Bloomberg | Getty Images
Britain’s unemployment rate rose slightly to 4.6% in the three months to April, in line with economist expectations, data from the country’s Office for National Statistics showed this morning.
In the previous three-month window to March, U.K. unemployment stood at 4.5%.
The U.K.’s economic inactivity rate — an estimate of those aged 16 to 64 who are out of work and either not seeking employment or unable to start work imminently — rose to 21.3% in the three months to April.
— Chloe Taylor
Here’s what to expect today
Investors can expect a mix of economic data and earnings out of Europe today. The big release will be the unemployment rate from the U.K., along with figures on average earnings in the country. Economists polled by Reuters are expecting Britain’s unemployment rate to have hit 4.6% in April, up from 4.5% a month earlier.
Data on Italian industrial production is also due later on Tuesday.
On the earnings front, companies slated to update shareholders on their finances include British firms Paypoint, Assura and Tatton Asset Management.
— Chloe Taylor
Here are the opening calls
The City of London is a blend of old and new, with St Paul’s Cathedral close to skyscrapers as well as Roman ruins.
Shomos Uddin | Moment | Getty Images
Good morning from London, welcome to CNBC’s live blog covering all the action in European financial markets as well as the latest regional and global business news, data and earnings.
Futures data from IG suggests London’s FTSE will open 11 points higher at 8,838, Germany’s DAX up 62 points at 24,234, France’s CAC 40 up 23 points at 7,807 and Italy’s FTSE MIB 83 points higher at 40,545.
Global markets have been buoyed by trade talks that are taking place between U.S. and Chinese officials in London this week, with hopes rising that both sides can avert large-scale punitive tariffs and a trade war.
Global markets will be keeping an eye on the talks, which are set to continue Tuesday.
The latest U.K. unemployment figures are also due, but there are no other significant earnings or data reports Tuesday.
— Holly Ellyatt
Global markets buoyed by China-U.S. talks
Global markets climbed overnight amid hopes that the U.S. and China will find a way to resolve their trade dispute, with talks between trade officials set to continue in London on Tuesday.
Asia-Pacific markets and U.S. stock futures rose Monday night as investors waited for more insights into trade discussions between the U.S. and China. Traders are looking for signs of a deal that doesn’t involve the world’s two largest economies slapping extravagant tariffs on each other.
A car with U.S. Treasury Secretary Scott Bessent leaves a residence where trade talks between Chinese and U.S. delegations take place in Geneva, Switzerland, May 10, 2025. REUTERS/Denis Balibouse
Denis Balibouse | Reuters
President Donald Trump’s top trade officials met their Chinese counterparts in London on Monday, with Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer negotiating on behalf of the U.S.
Trump has authorized Bessent’s team to potentially remove U.S. restrictions on the sales of chipmaking software, jet engine parts and ethane, The Wall Street Journal reported, citing sources familiar with the matter. Trump said Monday that the talks were going well and he was “only getting good reports,” according to Reuters.
— Holly Ellyatt
