Bloomberg Daybreak: Europe Edition 276,000 UK Jobs Lost, Marines Deployed To LA, Europe's IPO Fight
Jun 10, 2025
The UK faces a staggering loss of 276,000 jobs as hiring costs soar, triggering economic concerns. Meanwhile, 700 Marines are deployed to Los Angeles to tackle escalating anti-deportation protests, intensifying federal-state tensions. In trade, the US and China continue crucial negotiations over technology exports. Europe struggles to attract major IPOs as the competition heats up. Additionally, the UK government reverses cuts to pensioners' cold weather payments, aiming to bolster support ahead of winter.
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UK Employment Drops Sharply
- UK employment saw the biggest monthly drop in five years, falling by 109,000 in May, much worse than expected.
- This decline is linked to policy changes that increased employer costs and the minimum wage hike.
UK Labor Market Loosening Fast
- The UK labor market is loosening quickly, with falling employment and slowing wage growth, yet wages remain elevated.
- The Bank of England risks holding interest rates too high if it does not adjust to this shift swiftly.
Government Policy Impacts Employment
- Policy changes like increased employer National Insurance and higher minimum wage contributed to weaker employment outcomes.
- These measures increase employers' costs, encouraging some to reduce headcount.