UK Population Up 1% in 2023 Due to Migration
Published 09 Oct, 2024
United Kingdom Update
The UK's population increased by 1% in a year 'mainly due to net migration', the ONS says.
There were also more deaths than births in the 12 months to mid-2023. With the exception of the COVID pandemic, it is the first negative population change in nearly 50 years.
The total population of England, Scotland, Wales and Northern Ireland grew from an 67.6 million in 2022 to 68.3 million 2023.
Japan Update
Japan's inflation-adjusted wages fell in August. Household spending declined,. However, trends show eventual recovery in pay and consumption and could embolden its central bank to issue more rate hikes.
Real wages in Japan are down 0.6% for August YoY, according to the Ministry of Health, Labour and Welfare on Tuesday, after a revised 0.3% increase in July.
Wages were moving up in June for the first time in two years, and companies responded by issuing summertime bonuses: 2.7% in August, 6.6% in July, and 7.8% in June.
August wage data showed base salary reached the largest rise in three decades at 3.0%.
India Update
The Organization of the Petroleum Exporting Countries (OPEC) and Russia (OPEC+), have been cutting oil production in recent years to support prices due to softening demand.
Analysts expect them to raise production from December.
India claims it is prepared to handle an oil supply shock from the current dust up in the Middle East, Oil Minister Hardeep Singh Puri assured.
India is the world's third-biggest oil importer and consumer, importing 85% of its over 5 million barrels per day, and a lot of it comes from Middle East producers.
Global oil prices are rising in response to the wider Middle East conflict and potential disruption to exports. At publication, Brent was close to $80 a barrel.
China Update
The stock market rally in China evaporated, as a government announcement on stimulus plans to boost the economy did not impress investors.
Shares previously rose by 10% in trading after the Golden Week holiday, but fell back to earth after the stimulus news conference.
The Shanghai Composite Index closed +4.6%; the Hang Seng in Hong Kong fell 9.4%.
Investors hoped for more information about how the government plans to support economic growth but the announcement proved too vague.
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