Data released from the UK showed that the country’s unemployment rate had risen to its highest level in 4 years.
The United Kingdom’s jobless rate rose to 4.8% from 4.5%, which is the highest rate of unemployment since November 2016. The report, which was released by the Office for National Statistics, showed that a record 314,000 workers were made redundant between June – August this year, which was an increase of 181,000 from the previous quarter.
Many believe this was one of the reasons why Finance Minister, Rishi Sunak, made a U-turn, and extended the furlough scheme to March 2021. The FTSE 100 rose 1.79% despite the news.
S&P 500 consolidates after Monday record highs
After recording an all-time high on Monday, the benchmark S&P 500 fell on Tuesday, as investors likely consolidated their gains.
Markets were initially buoyed, following the news that several pharmaceutical companies were making progress on a COVID-19 vaccine; however, this excitement seems to have now faded in today’s trading session.
As of writing, the S&P 500 was down 0.51%, with the NASDAQ falling 1.56%, led by drops in Facebook and Amazon.
U.S. Job openings on the rise
Job openings in the U.S. rose in September according to figures from the Labor Department.
According to the Job Openings and Labor Turnover Survey, Job openings were up to 6.4 million, increasing by 84,000 in September. Despite the recent increase, vacancies remained below their 7 million level in February.
The rate in which jobs were opened, remained unchanged at 4.3% in September, whilst layoffs dropped by 200,000 to 1.3 million.
TradeGateHub.com – #WallStreetWord For November 10th
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Senior Market Analyst