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MARKETS SURGE AFTER USA JOB NEWS

posted 03 February 2012

Equity markets are spiking after US non-farm payrolls data revealed the economy added 243,000 jobs last month – far above consensus expectations.

 

The Bureau of Labour Statistics said the unemployment rate fell from 8.5% to 8.3% in January, against expectations of no change.

 

The rate is the lowest seen since February 2009. The 243,000 jobs added - the highest number since April 2009 - was much hirer than consensus expectations of between 130,000 and 150,000.

The change in total nonfarm payroll employment for November was revised from +100,000 to +157,000, and the change for December was revised from +200,000 to +203,000.

“Job growth was widespread in the private sector, with large employment gains in professional and business services, leisure and hospitality, and manufacturing. government employment changed little over the month,” the BLS said.

The FTSE 100, which had previously been up 0.4% at 5,820, moved up to 5,871 on the news, putting the rise for the day at 1.3%. S&P 500 futures pointed to a 1% bounce at the open

5000 NEW JOBS AT ASDA

posted 23 January 2012

Prime Minister David Cameron has praised supermarket Asda’s announcement it intends to create 5,000 new jobs in 2012 as “a real boost for the economy”.

The firm announced it is to invest £500m in new stores and depots (in Rochdale, Yorkshire and a replacement of an existing depot in Scotland) and developing its existing estate this year.

The planned 25 new stores and three depots will create up to 5,000 jobs, with the firm also extending and refurbishing 43 of its existing stores.

Of Asda’s current workforce of over 180,000, around 30,000 joined last year and more than a quarter of these were recruited through Job Centres.

The prime minister says: “The additional investment and 5,000 new jobs announced by Asda today will be a real boost for the economy and more importantly for people around Britain seeking jobs.

“I also welcome Asda’s commitment to not only create jobs but invest in their staff too; offering employees the chance to join an apprenticeship scheme to gain skills which will benefit them throughout their career.”

Asda also adds that the new depots will allow the firm’s fleet to drive 1m fewer miles a year.

President of parent company Walmart International, Doug McMillon, says: “Our continued investment is because we see a tremendous opportunity in front of us.”
 

 

 

 

CAMERON PRAISES FILM MAKERS

posted 21 January 2012

British film industry praised ahead of Review

11 Jan 12

Prime Minister David Cameron has praised the British film industry for its 'incalculable contribution to culture' ahead of Lord Smith's Review recommendations.

The film industry brings an estimated £4.2 billion to the UK economy each year, but we must help UK producers to make 'commercially successful pictures', to compete with the best international productions, Cameron claims.

2011 was a great year for the UK film industry, as The King's Speech became the highest grossing British film of all time, collecting four Oscars and topping the box office charts for 20 weeks.

The praise for the industry comes ahead of Lord Smith's Review, which is due to be published on Monday. The recommendations it makes will be aimed at building a stronger British film industry and developing and retaining the UK's talent.

It is thought that the Review will recommend that Lottery funding is used to reward success and incentivise UK film-makers to develop 'commercially successful' pictures. Other predictions include recommending that the Government supports and prioritises a successful inward investment strategy in the industry, while the British Film Institute (BFI) will be encouraged to develop an ambitious international strategy and lead the way towards a more vibrant export industry in UK film.

Commenting, Mr Cameron said: "The UK film industry, the skills and crafts that support it and our creative industries more widely, make a £4bn contribution to our economy and an incalculable contribution to our culture.
"But in this year when we set out bold ambitions for the future, when the eyes of the world will be on us, I think we should aim even higher, building on the incredible success of recent years.

"Our role, and that of the BFI, should be to support the sector in becoming even more dynamic and entrepreneurial, helping UK producers to make commercially successful pictures that rival the quality and impact of the best international productions. Just as the British Film Commission has played a crucial role in attracting the biggest and best international studios to produce their films here, so we must incentivise UK producers to chase new markets both here and overseas.

"I am confident that Lord Smith's Review will form an ambitious blueprint, and look forward to his recommendations next week."

 

BETTER NEWS FROM USA S&P

posted 19 January 2012

The S&P 500 has enjoyed a sharp rise in 2012, and is up 4.01% after yesterday's strong run.

 

The index gained over 1% to finish the session at 1,308.04, the gains mean at its current level it has achieved the best start to a year for a quarter of a century, according to Bloomberg.

Back in 1987, the S&P 500 enjoyed an even more impressive start to the year, with shares rallying over 10% in the first 11 days of trading.

Positive data from the US economy has boosted sentiment among investors, with growth of 1.8% for Q3. Analysts expect a jump of 3.5% when the next set of growth figures are released.

The data has helped instill confidence, and dampen worries emanating from Europe where the sovereign debt continues apace.

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