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New data released today showed that the U.S. increased 431,00 jobs in Marchto support the Fed to accelerate the tightening of monetary policy to fight inflation.

The unemployment rate edged down to 3.6%, now at its lowest level before the pandemic. The nonfarm payrolls report also showed a pickup in wage growth as companies tried to retain talent and fill a record number of job openings.Retail and aviation are industries raise starting salary to attract new employees.

A similar pattern is playing out in Europe.new Eurozone data Yesterday showed the unemployment rate falling to an all-time low of 6.8%.However, wage increases have failed to keep up with soaring inflation (see below), meaning many workers in Europe face actual pay cut. Real hourly earnings fell 3% in the fourth quarter, the largest drop since comparable data became available 14 years ago.

In addition, many employers who rely on Russian and Ukrainian imports — such as automakers, chemical companies and food producers — could be in crisis and find themselves unable to fund large wage increases. “In terms of monetary policy and inflation, there is little indication in the data that an improvement in the labor market is about to lead to a wage price spiral,” said one economist.

The cost of living crisis is also having an impact on the makeup of the labor market. A survey by investment manager Abrdn in the UK this week revealed that old worker The number of people planning to continue working until retirement has nearly doubled in two years due to a lack of superannuation savings and the rising cost of living.

Another survey revealed that 70% of renters in the UK don’t think their pensions can even cover the cost of housing. Colin Dyer, Abrdn’s Account Director, said: “Gone are the days when everyone has a fixed date or a fixed age when they will never work again.”

However, the biggest jobs story in the UK remains Mass dismissal of sailors P&O Ferries without notice or consultation.Move exposes Britain’s ’embracing of cowboy capitalism’, says Frances O’GradySecretary General of the Trade Union Congress.

crash, columnist says Sarah O’Connorsuggesting the country’s employment laws need an overhaul to prevent a race to the bottom.

Taking a “soft” approach to enforcing employment rights, which may appear to be beneficial to business, is often counterproductive, O’Connor wrote. “Workers need a level playing field without loopholes and grey areas. So do businesses,” she concluded.

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Need to Know: Economics

Eurozone inflation set a new record 7.5% in March, boosted by a 44.7% rise in energy prices, putting more pressure on the European Central Bank to tighten monetary policy. Even excluding volatile energy, food, alcohol and tobacco, core inflation rose to 3% from 2.7% in February, a sign that price pressures are becoming more widespread. use our Inflation Tracker Track trends around the world.

US President Joe Biden yesterday ordered the release of “unprecedented” 180 million barrels of crude oil Attempts to offset from U.S. reserves supply disruption caused by the Ukrainian war.This OPEC Producers Union ignores US and UK calls Pump faster.

A decree of President Vladimir Putin insists “unfriendly” countries be Gazprom exist rublebut they have at least second half of april Meet the requirements of Moscow.Even as some sanctions are lifted as part of the Ukraine peace deal, Europe ends its Dependent on Moscow’s natural gas will stay here.

Russia, however, avoided outflows of funds from the country and stabilized the ruble in a draconian way capital controls and block foreign traders Exit investment. Western countries oppose linking progress peace talks and lift sanctions.

Latest UK and European

as we are Wednesday EditionApril will be a financial nightmare UK consumers and businesses. Here’s more on how family will be affected and how the company will Epidemic Support Program. Energy Provider’s Website . stuck yesterday As consumers scramble to submit meter readings ahead of today’s price hike.

Overall, there is some better news UK economy As revised figures show faster growth than earlier estimates 1.3% In the last quarter of last year, that meant it had largely recovered from the devastation of the pandemic. However, rising inflation means that households’ real income falls. farmer Supermarkets have been urged to increase price of eggs Reduced costs by 40p to help deal with soaring feed prices.

UK house prices Continue to soar, even as affordability is becoming a bigger issue.The annual growth rate is 14.3% March was the fastest in 18 years.

This European Systemic Risk CommitteeUkrainian war increases likelihood of sudden outbreak, agency charged with monitoring dangers in financial system says Asset price correctionderivatives market turmoil and cyber attacks.

Hungarian Victor Orbanthe EU’s longest-serving leader, is re-elected A poll on Sunday was seen as crucial to his country’s relationship with distrustful NATO and EU allies.six opposition parties united According to the latest opinion polls, a single candidate is put forward against the populist leader and is evenly matched with his Fidesz party.

The latest in the world

This International Monetary Fund Says financial sanctions on Russia will undercut Russia’s dominance Dollar And split the international monetary system. The fund said the measures, including restrictions on Russia’s central bank, could encourage the formation of small currency blocs based on trade between different groups of countries.

This Bank of JapanThe latest quarterly survey shows business confidence The country’s economy has slumped due to the impact of the pandemic, rising energy costs and the war in Ukraine.The central bank said yesterday that it will increase purchases Government Bonds Even the yen suffered its worst month against the dollar since 2016.

Chinese people Manufacturing and service sector activity contracted for the first time in two years in March due to strict government measures Pandemic restrictions. Shanghai extended lockdown measures, and Hongkong Confirmation that it will stick to China’s official zero Covid-19 policy, despite some recent loosening of regulations, has left the city’s real estate tycoon.

Need to Know: Business

global transaction After a record period of mergers and acquisitions, it has fallen to its lowest level since the start of the pandemic.finished $1 trillion worth of transactions The first quarter of 2022 took a hit – down 23% from a year earlier, although private equity groups continued to perform well, especially in Asia. US stocks experienced the worst quarterly results The first three months of the year within two years.

American business already cut in China revenue forecast As the Covid-19 infection continues to rage.US contributing editor Gillian Tett says supply chain crisis are forcing American companies to change their mindset as they face the Risks that were once unimaginable.

A Sino-Australian joint venture is about to produce Australia’s first battery-ready batteries Lithium hydroxide used for Electric Vehicles and the Grid. The move comes at a time when Western governments are expressing concerns about China’s control of the lithium supply chain. Australia is the world’s largest exporter of the metal, but the product has never been refined onshore.

H&M Has become one of the first consumer groups to be announced effects of war in Ukraine. The world’s second-largest clothing retailer said yesterday that sales growth slowed in March as the invasion hit consumer confidence.

Huawei On the other hand, it has always been the winner of the conflict, as Russia turns to Chinese tech companies to replace equipment from Western companies. Despite the threat of U.S. sanctions, Huawei and other Chinese firms could profit if big companies like Nokia and Ericsson exit the country entirely.

One of the other major winners is of course big oil. “Under the so-called climate president, many U.S. fossil fuel producers have never been so good,” noted Derek Brower, US energy editor.

scientific summary

Today is the new UK”living with Covid“Strategy, but also days Infections per week Reached record high Nearly 5 million. Scientists question the removal of free testing amid a new wave of cases.Columnist Anjana Ahuja says living with Covid doesn’t mean pretending to be no longer exist.

People infected with Covid-19 and influenza Face Double the risk of death, according to a new study. Mass flu surges have been subdued during the pandemic, but experts have warned that a rare spring or summer flu surge could be seen in the northern hemisphere.

half of China elderly population due to the country’s sporadic vaccination campaigns. China’s native Sinovac vaccine was found to be less effective at preventing older adults from dying from Covid-19 than the BioNTech/Pfizer vaccine unless they were given three shots. Most Chinese received Sinopharm or Sinopharm, which also required three doses.

Biotechnology, The company, which launched the first Covid-19 vaccine in partnership with Pfizer, said it would increase R&D spending by 50 percent to 1.4 billion to 1.5 billion euros as it seeks to develop a vaccine based on mRNA technology. The company plans to return nearly 2 billion euros to shareholders through share buybacks and a special dividend following the commercial success of its Covid investments.

a new one history of science abandoned tradition Eurocentric narrative And it highlights contributions from around the world, including Sudan and astronomer Ulugh Beg five centuries ago to calculate the length of the solar year to within 25 seconds of our modern value.

Get the latest global images with our Vaccine Tracker

finally. . .

Eyewitness accounts from Ukraine helped bring some of the horrors of the war back to the rest of the world. Tim Judah, appointed to chronicle the Financial Times 21 days of the Russian invasion as the event unfolds.