US-China trade talks to resume; UK jobs market ‘weakening' as payrolls tumble
Update:
Date:
Title: Introduction: US-China trade talks resume in London
Content: Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.
Trade talks between the US and China are set to resume in London today, as officials push for a breakthrough over shipments of technology and rare earth elements.
After more than six hours of talks on Monday, negotations will resume at Lancaster House later this morning. Investors are hopeful of a breakthrough that could continue to ease tensions between the two economic superpowers.
President Donald Trump has indicated that the first day of talks were encouraging. He told reporters that 'We are doing well with China. China's not easy….I'm only getting good reports.'
The US are unhappy that China has not released crucial rare earth minerals, and magnets, as rapidly as hoped since the two countries agreed an initial trade pact in Geneva a month ago.
Treasury secretary Scott Bessent told reporters in London they had a 'good meeting', Bloomberg reports, while commerce secretary Howard Lutnick called the discussions 'fruitful.'
7am BST: UK labour market report
10.15am BST: FCA CEO Nikhil Rathi and FCA chair Ashley Adler testify to Treasury Committee
2.30pm BST: World Bank to release latest economic forecasts
Update:
Date: 2025-06-10T06:23:19.000Z
Title: UK payrolls fall 'notably' in May
Content: Newsflash: The number of people on payrolls across the UK has fallen notably, in a sign that the jobs market is weakening.
The latest labour force statistics, just released, show that payrolled employment decreased by 109,000 employees (0.4%) in May, compared with April.
On an annual basis, there were 274,000 fewer employees last month, compared with May 2024, pulling total payrolls down to 30.2 million.
The Office for National Statistics does caution that these estimates are more uncertain than usual; if they're accurate, though, it indicates that demand for workers at British firms is cooling.
The revised estimate of employees on the payroll in April 2025 was down 55,000 on the month. The provisional estimate for May 2025 was down another 109,000.Learn more about this release ➡ https://t.co/Uieiz52xIX pic.twitter.com/Fut6d6xzkk
The largest decrease was in the accommodation and food service activities sector, a fall of 124,000 employees in the last year, while health and social work added 62,000 employees.
ONS director of economic statistics Liz McKeown says:
'There continues to be weakening in the labour market, with the number of people on payroll falling notably. Feedback from our vacancies survey suggests some firms may be holding back from recruiting new workers or replacing people when they move on.
Update:
Date: 2025-06-10T06:22:54.000Z
Title: Introduction: US-China trade talks resume in London
Content: Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.
Trade talks between the US and China are set to resume in London today, as officials push for a breakthrough over shipments of technology and rare earth elements.
After more than six hours of talks on Monday, negotations will resume at Lancaster House later this morning. Investors are hopeful of a breakthrough that could continue to ease tensions between the two economic superpowers.
President Donald Trump has indicated that the first day of talks were encouraging. He told reporters that 'We are doing well with China. China's not easy….I'm only getting good reports.'
The US are unhappy that China has not released crucial rare earth minerals, and magnets, as rapidly as hoped since the two countries agreed an initial trade pact in Geneva a month ago.
Treasury secretary Scott Bessent told reporters in London they had a 'good meeting', Bloomberg reports, while commerce secretary Howard Lutnick called the discussions 'fruitful.'
7am BST: UK labour market report
10.15am BST: FCA CEO Nikhil Rathi and FCA chair Ashley Adler testify to Treasury Committee
2.30pm BST: World Bank to release latest economic forecasts
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BBC News
32 minutes ago
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