The US labour market showed signs of a steady slowdown in October, with job openings increasing moderately and layoffs declining, according to the latest Job Openings and Labor Turnover Survey (JOLTS) report released by the Bureau of Labor Statistics on Tuesday. Job openings, a key indicator of labour demand, rose by 372,000 to 7.744 million at the end of October. However, the September figures were revised downward to 7.372 million from the initially reported 7.443 million. Economists polled by Reuters had anticipated 7.475 million vacancies. Labour Market Dynamics While job openings increased, hires dropped by 269,000 to 5.313 million, and layoffs fell by 169,000 to 1.633 million. These figures suggest a gradual cooling of the labour market rather than a sharp contraction. Hurricanes and strikes also impacted October’s labour market data. Rebuilding efforts in storm-affected regions and the resolution of strikes at Boeing and another aerospace company are expected to contribute to a ...
The UK government has confirmed a record allocation of £1.5 billion (US$1.9 billion or RM8.87 billion) to support new renewable power capacity in an upcoming auction, marking a significant step towards eliminating carbon emissions from its power grid.
Key Allocations and Objectives
The increased budget includes £1.1 billion specifically for offshore wind farms, as initially reported by Bloomberg News. This move follows a previous auction that failed to attract bidders due to the low guaranteed power price.
“This will restore the UK as a global leader for green technologies and deliver the infrastructure we need to boost our energy independence, protect bill payers, and become a clean energy superpower,” stated Energy Secretary Ed Miliband.
Strategic Importance
The higher budget aims to kickstart projects that require several years to complete. The UK's newly elected administration has set an ambitious target to achieve a zero-carbon power grid by 2030. The previous government had also increased the maximum price and budget to stimulate investment in the sector.
Funding Sources and Fiscal Impact
The funding will not come from the central government's budget, ensuring it doesn't impact fiscal considerations by Chancellor of the Exchequer Rachel Reeves. Instead, it will be sourced from charges on energy bills.
Support for Emerging Technologies
In addition to offshore wind funding, £270 million will be allocated for emerging technologies, such as floating wind farms, which have only been deployed on a small scale so far.
Contracts for Difference
The UK uses contracts for difference to support new renewable capacity. Under this system, developers agree to sell power at a fixed price for 15 years. If market prices fall below the contract price, energy consumers pay to top them up. Conversely, higher prices result in bill payers being reimbursed.
Industry Response
“The auction needed a reset after last year and we welcome the increased budget, which is an important investment signal,” said Keith Anderson, chief executive officer of ScottishPower.
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