LONDON–(Marketwired – May 15, 2013) – Serabi Gold plc (
LONDON–(Marketwired – May 15, 2013) – Serabi Gold plc (
US retail sales rose unexpectedly in April, after falling back in the previous month.
View post: US retail sales inch up in April
CBI sees signs of rising business confidence, while Lloyds data shows growth in seven of England’s nine regions
Britain is starting to see green shoots of recovery as business activity picks up, companies continue to hire new staff and consumers start to spend again.
A series of surveys published on Monday suggest the UK is on the road to recovery after its double-dip recession, providing a boost for chancellor George Osborne.
Business lobby group the CBI expects the economy to grow by 1% this year and 2% in 2014. That contrasts with the IMF, which recently slashed its growth forecast for the UK from 1% to 0.7%, and suggested Osborne should rethink his austerity programme.
The CBI has consistently supported the chancellor on austerity, although it has called for more measures to boost growth. John Cridland, director general of the CBI, said on Monday: “The UK economy is moving from flat to growth.”
But he warned that the country continues to face big challenges. “Although recent data suggests rising business confidence, the economic climate remains tough, hampering demand here and overseas. Meanwhile, consumers remain under pressure, as inflation continues to outstrip wage growth.”
In April, business activity grew at its fastest rate in eight months, according to Lloyds TSB’s purchasing managers’ index. The PMI – which is based on data from 1,200 manufacturing and services companies – came in at 52.2 in April, up from 51.6 in March, moving further above the 50 mark that separates growth from contraction.
The survey showed growth in seven of England’s nine regions, led by Yorkshire & Humber with a reading of 55.7. Only the West Midlands and the North East reported a slight reduction in business activity, hit by a weaker performance of the manufacturing sector and spending in those regions.
Elsewhere, it seems Britons are going out more and parting with their cash, cheered by the warm weather. Barclaycard said spending rose 3.6% last month compared with April last year, led by 21% growth in spending on cinema and theatre tickets. Restaurants also benefited with an 11% increase in spending, as did DIY stores, up 8.5%. Growth in spending online continued to outstrip the high street, up 11.7% on last year, compared with just 1.7% in bricks and mortar shops.
Valerie Soranno Keating, chief executive of Barclaycard, said: “Although economic data is generally mixed, this is the first time since 2011 that we’ve seen growth above 2% for three consecutive months, which may suggest a more sustained improvement in sentiment.”
A forward-looking survey of the jobs market suggests it too is looking healthy, with growth in employment set to continue in the second quarter. The Chartered Institute of Personnel and Development said more employers are expecting to increase headcount than those who intend to cut jobs, with a balance of +9, up from +5 for the previous quarter.
Gerwyn Davies, CIPD labour market adviser said: “Even though last month’s official figures showed a slight dip in the level of employment, these findings suggest that further employment growth is possible.”
But he notes that the number of jobs being created may fail to keep pace with the population growth, meaning unemployment could still rise.
Individual investors took advantage of Apple’s recent stock slide to snap up shares of the tech giant last month, according to brokerage firm TD Ameritrade.
Go here to see the original: Individual investors rush into Apple
Two Harvard economists whose widely-cited research on austerity was called into question last month have published a formal correction.
Read the original here: Austerity economists correct errors
House prices rise by 1.1% in April compared with the previous month but activity in the market remains subdued, according to the Halifax.
See more here: UK house prices ‘rise by 1.1%’
Retail sales in the eurozone fall for the second month in a row in March, according to the European Union’s statistics office Eurostat
OFL Statement for South Asian Heritage Month – May 2013
See original here: Workers’ Rights Should Know No Borders
Dow Jones Industrial Average pushed past 15,000 briefly after figures showing joblessness had fallen to 7.5% in April
Stock markets rose to record levels as the job market avoided a feared spring freeze by adding 165,000 new jobs last month, marking a four-year low in US unemployment.
Joblessness fell to 7.5% in April, its lowest since December 2008, in news that pushed the Dow Jones Industrial Average past 15,000 briefly and saw Standard & Poor’s 500-stock index pass 1,600 for the first time. After the initial surge the Dow Jones Industrial Average edged back below 15,000 in the afternoon, while Standard & Poor’s 500-stock index also slipped back below 1,600.
Figures from the US labour department came after a week of worrying signals for the US’s fragile economic recovery as the Federal Reserve warned that Washington’s budget cuts were holding back the economy.
Federal budget reductions, triggered by the sequestration spending cuts, started in March and initial estimates of the immediate impact on jobs was negative. However, those figures were revised up alongside the publication of the April data. The Bureau of Labour Statistics (BLS) dampened fears of a slowdown on Friday as it declared that the US had added 114,000 jobs over February and March.
In a note to clients, Dan Greenhaus, chief strategist at trader BTIG, said sequestration seemed to have had “little to no effect on this report”.
The number of long-term unemployed – those jobless for 27 weeks or more – declined by 258,000 to 4.4 million and their share of the total declined by 2.2 percentage points to 37.4%. Over the past 12 months the number of long-term unemployed has decreased by 687,000, and their share has declined by 3.1 points.
The BLS said that over the prior 12 months employment growth had averaged 169,000 per month. The figure is still low after revisions but the latest report paints a far healthier picture of the jobs market than had been expected.
The private sector added 176,000 new jobs last month. Professional and business services added 73,000 jobs in April and have added 587,000 jobs over the past year, said the BLS.
Employment in temporary help services rose 31,000, professional and technical services added 23,000, and retail trade employment increased by 29,000 in April. The BLS said last month that retail had shed 24,000 jobs, triggering concerns about a slowdown in spending after the imposition of payroll taxes at the end of the year. The manufacturing sector, a closely watched gauge of broader economic strength, was unchanged in April, while government employment fell by 11,000.