Volkswagen approves 50,000 job cuts as UK car sales hit eight-year high
Bank of England governor Andrew Bailey is due to give a keynote speech at the LSE TRIUM Anniversary Conference in London at 9.50am BST on Friday, a day after the Bank’s chief economist called for higher UK interest rates, according to The Guardian’s business live blog. The blog asked whether Bailey would push back against the call for higher rates, noting that he was among the majority who voted to leave rates on hold in July.
The releases and remarks come after a week of bond-market volatility that the Guardian blog reported. Opponents of further rate increases, the blog noted, argue that such hikes would hurt growth and would not tackle what they characterize as an oil-supply shock tied to the Iran conflict.
The morning’s UK data slate opens at 9am BST with the UN’s Food Price Index, which will show whether staples such as dairy, cereals, sugar, and meat are getting pricier, alongside the Society of Motor Manufacturers and Traders (SMMT) car sales figures. The Guardian reported that UK car sales hit an eight-year high in August, and that Volkswagen approved another 50,000 job cuts.
At 9.30am BST, the UK construction PMI, the Bank of England’s Monthly Decision Maker Panel data for August, and ONS real-time indicators on UK economic activity and social change are due.
This afternoon, the US non-farm payrolls report at 1.30pm BST will show how many jobs America added in August. Following a fall in employment in July that the blog described as a shock, economists expect a rebound of around 56,000 new jobs, the blog reported.