Guardian Stockbrokers Key Economic News Wednesday 12 October 2022

The key points from today’s economic news, brought to you by Guardian Stockbrokers.

UK average earnings including bonus advanced more than expected in August

In the UK, average earnings climbed 6.00% in August, compared to a rise of 5.50% in the prior month. Markets were expecting average earnings to record a rise of 5.90%.

UK ILO unemployment rate fell in August

In the UK, the ILO unemployment rate fell 3.50% compared to a reading of 3.60% in the previous month. Markets were anticipating the unemployment rate to remain unchanged.

US NFIB business optimism index rose in September

In the US, the NFIB business optimism index rose 92.10 in September, compared to a reading of 91.80 in the prior month.

IMF lowers global economic outlook

The International Monetary Fund (IMF), in its World Economic Outlook forecasted that global economic growth will slow to 2.7% next year and warned of recession in 2023 around the world. Its GDP forecast for this year remained steady at 3.2%, which was down from the 6.0% seen in 2021. Further, the IMF anticipates that global inflation would peak in late 2022, increasing from 4.7% in 2021 to 8.8%, and would “remain elevated for longer than previously expected”. Also, the IMF forecasted that global inflation would likely decrease to 6.5% in 2023 and to 4.1% by 2024.

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