Closing summary
The US added another 150,000 jobs in October, fewer than expected, amid signs that the white-hot US jobs market is cooling. The unemployment rate rose to 3.9% from 3.8% in September.
Economists had been expecting the US to add 180,000 jobs over the month. The pace of job growth slowed sharply from September when the economy added a revised 297,000 – a still impressive figure and far higher than had been expected.
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Thank you for following us this week. Have a lovely weekend. We’ll be back next week. Take care – JK
UK shopper numbers down 5.7% in October, says BRC
The number of people who were out shopping in October fell sharply last month, as heavy rain (Storm Babet) kept consumers at home.
According to the latest data from the British Retail Consortium, retail footfall dropped 5.7% year-on-year in October, worsening from September’s 2.9% decline.
Within that, high street footfall fell 4.6%, while retail parks and shopping centres posted declines of 4.3% and 7.3% respectively.
Helen Dickinson, the BRC’s chief executive said:
Umbrellas were up as heavy rainfall descended across the UK in October, leading many shoppers to stay at home.
As inflationary pressures on households begin to ease, some people are shopping around slightly less, braving the rain only to make their final purchases.”
While consumer confidence may be higher than 2022, it is still very weak. The economic landscape remains tough, with input prices and cost pressures above normal levels.
