Gloucester City Council has announced that it has outsourced revenues and benefits services to third-party provider Civica, in a deal it claims will save around 220,000 per year whilst also creating freelance jobs. The Guardian reports that Civica will supply administrative functions to the local authority for the next seven years, as well as bidding for contracts with other councils to be provided through the firms service centre in Gloucester....more
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U.S. Nonfarm Payrolls Jumps 151K in October onfarm payrolls in the world's largest economy jumped 151K in October after falling a revised 41K the month prior amid expectations of 60K. At the same time, the unemployment rate remained unchanged at 9.6 percent during the same period. Taking a look at the breakdown of the report, private payrolls added a massive 159K, while manufacturing payrolls slid 7K. Meanwhile, average hourly earnings increased 0.2 percent, which is slightly higher than my forecast of 0.1 percent, but wasn't enough to bring the annualized rate up from 1.7 percent. Not to overlook, government employment dropped 8K versus 148K, thus, it appears that the plunge in census workers have faded. Indeed, today's report is a step in the right direction; however, the labor market will need to gather further upside momentum in order to bring down the employment rate. The release is of particular interest due to the fact that the Fed recently announced 600 billion of new asset purchases in order to stimulate employment and consumer prices. U.S. Nonfarm PayrollsSource: Bloomberg – Prepared by Michael Wright EURUSD Daily ChartSource: Bloomberg – Prepared by Michael...more
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