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You can find the current article at its original source at https://www.theguardian.com/business/live/2016/aug/25/central-bankers-gather-in-jackson-hole-business-live
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| Surprise rise in retail sales as consumers shrug off Brexit fears - business live | Surprise rise in retail sales as consumers shrug off Brexit fears - business live |
| (35 minutes later) | |
| 2.05pm BST | |
| 14:05 | |
| Rebound in US durable goods orders | |
| Some more strong data out of the US. Durable goods orders increased by 4.4% in July, following a 4.2% fall in June according to the US Commerce Department. | |
| Economists had forecast a weaker rise of 3.3%. | |
| Rob Carnell, chief international economist at ING, says the better-than-expected data do not alter his view that the Federal Reserve will hold rates at its September meeting: | |
| Some marginally better than expected durable goods orders don’t change our view that a September rate hike from the Fed is difficult to support. | |
| After two consecutive quarters of outright declines in US business investment, durable goods orders for July provide a first insight into how investment in the third quarter is shaping up. And our take on the figures is that the negativity is beginning to abate. | |
| But this is far from a big turnaround. The headline 4.4% month-on-month growth in July only just offsets last month’s fall, and the trend for core goods orders and shipments are still both negative. | |
| 1.49pm BST | |
| 13:49 | |
| US jobless claims fall for a third week | |
| Over in the US, the latest figures showed new claims for unemployment benefit fell unexpectedly by 1,000 in the week ending 20 August to 261,000. | |
| It was the third successive weekly fall, and a five-week low according to the US Labor Department data. | |
| Economists had forecast a rise to 265,000 new claims. Claims have been below 300,000 - a threshold associated with a strong labour market - for 77 weeks in a row. It is the longest stretch since 1970. | |
| The four-week rolling average fell by 1,250 to 264,000 last week. | |
| Initial jobless claims fall to 261,000 (265,000 expected)https://t.co/hg2uzrj3KI | |
| Updated | |
| at 1.50pm BST | |
| 1.37pm BST | |
| 13:37 | |
| Sports Direct shareholder to vote against chairman | |
| Sticking with Sports Direct, Legal & General Investment Management says it will vote against the re-election of the retailer’s chairman Keith Hellawell at the annual meeting on 7 September. | |
| It would be the third consecutive year LGIM has voted against Hellawell’s re-election. | |
| It also proposes to vote against the re-election of all non-executive directors at the company. | |
| It follows a Guardian investigation last year that revealed Sports Direct warehouse workers were effectively being paid less than the minimum wage because of lengthy security checks at the end of shifts. | |
| Earlier this month Sports Direct said warehouse workers would receive back pay totalling about £1m after the retailer admitted breaking the law by not paying the national minimum wage. | |
| 1.21pm BST | 1.21pm BST |
| 13:21 | 13:21 |
| Sports Direct is back in the headlines after a major investor group spoke out about the retailer’s corporate governance failings. | Sports Direct is back in the headlines after a major investor group spoke out about the retailer’s corporate governance failings. |
| The Investor Forum has 40 members and represents 27% of Sports Direct’s independent shareholders, including Legal & General, Aviva, Standard Life and Fidelity. It was set up two years ago and this is apparently the first time it has made public concerns about a company. | The Investor Forum has 40 members and represents 27% of Sports Direct’s independent shareholders, including Legal & General, Aviva, Standard Life and Fidelity. It was set up two years ago and this is apparently the first time it has made public concerns about a company. |
| Governance failings are clearly resulting in declines in operating performance and long term shareholder value and, given the lack of progress and the broader impact on all stakeholders, the Forum now considers it important to make public its recommendations to the Sports Direct International board. | Governance failings are clearly resulting in declines in operating performance and long term shareholder value and, given the lack of progress and the broader impact on all stakeholders, the Forum now considers it important to make public its recommendations to the Sports Direct International board. |
| The Investor Forum calls on the board and its founder Mike Ashley to launch an independent review of the company’s “entire corporate governance framework” at the annual meeting on 7 September. They must commit to implementing the recommendations of that review, it adds. | The Investor Forum calls on the board and its founder Mike Ashley to launch an independent review of the company’s “entire corporate governance framework” at the annual meeting on 7 September. They must commit to implementing the recommendations of that review, it adds. |
| Andy Griffiths, executive director of the Forum: | Andy Griffiths, executive director of the Forum: |
| It is highly unusual for the Investor Forum to consider it necessary to make public their concerns and recommendations in this way. In prior situations we have always managed to work privately with companies to create effective long term solutions. | It is highly unusual for the Investor Forum to consider it necessary to make public their concerns and recommendations in this way. In prior situations we have always managed to work privately with companies to create effective long term solutions. |
| We do not take this step lightly and whilst we welcome SDI’s move to hold an open day, we still have not received an appropriate level of commitment to respond to investor concerns and, as a result, the usual options have been exhausted. | We do not take this step lightly and whilst we welcome SDI’s move to hold an open day, we still have not received an appropriate level of commitment to respond to investor concerns and, as a result, the usual options have been exhausted. |
| 1.05pm BST | 1.05pm BST |
| 13:05 | 13:05 |
| Phillip Inman, the Guardian’s economics correspondent, has written a handy list of five problems facing central bankers as they head to Jackson Hole for the annual symposium. | Phillip Inman, the Guardian’s economics correspondent, has written a handy list of five problems facing central bankers as they head to Jackson Hole for the annual symposium. |
| Here they are in short: | Here they are in short: |
| Read the piece in full here: | Read the piece in full here: |
| 12.45pm BST | 12.45pm BST |
| 12:45 | 12:45 |
| Net migration 327k yr to Mar, Immigration 633k,Emigration 306k, all similar to recent levels https://t.co/g6f11hmRTT pic.twitter.com/859BqlTEgk | Net migration 327k yr to Mar, Immigration 633k,Emigration 306k, all similar to recent levels https://t.co/g6f11hmRTT pic.twitter.com/859BqlTEgk |
| Poland was the most common country of birth for non-UK mothers in E&W in 2015, Pakistan for fathers https://t.co/r6P9s4niS9 | Poland was the most common country of birth for non-UK mothers in E&W in 2015, Pakistan for fathers https://t.co/r6P9s4niS9 |
| 12.23pm BST | 12.23pm BST |
| 12:23 | 12:23 |
| Spike in UK passport applications in run-up to Brexit vote | Spike in UK passport applications in run-up to Brexit vote |
| Applications for British citizenship by EU nationals living in the UK jumped 14% in the run-up to the EU referendum in June. | Applications for British citizenship by EU nationals living in the UK jumped 14% in the run-up to the EU referendum in June. |
| Figures from the Home Office suggest there was a rush for British passports as uncertainty built before the referendum. | Figures from the Home Office suggest there was a rush for British passports as uncertainty built before the referendum. |
| The 14% rise in passport applications to 15,501 included a 26% rise in applications from Italians and a 9% rise from Polish nationals in Britain. | The 14% rise in passport applications to 15,501 included a 26% rise in applications from Italians and a 9% rise from Polish nationals in Britain. |
| Separate figures from the Office for National Statistics showed that in 2015, one in eight people - or 8.6m - living in the UK were born abroad. It was a 3.5% increase, up from 8.3m in 2014. | Separate figures from the Office for National Statistics showed that in 2015, one in eight people - or 8.6m - living in the UK were born abroad. It was a 3.5% increase, up from 8.3m in 2014. |
| 5 areas in London have over 50% residents born outside the UK https://t.co/DCR8IBnAaq | 5 areas in London have over 50% residents born outside the UK https://t.co/DCR8IBnAaq |
| Annual net migration to Britain fell by 9,000 to 327,000 in the 12 months to March 2016. | Annual net migration to Britain fell by 9,000 to 327,000 in the 12 months to March 2016. |
| 12.03pm BST | 12.03pm BST |
| 12:03 | 12:03 |
| Oil falls below $49 a barrel | Oil falls below $49 a barrel |
| The price of Brent crude oil has fallen below $49 a barrel, and is currently down 0.2% at $48.94. | The price of Brent crude oil has fallen below $49 a barrel, and is currently down 0.2% at $48.94. |
| Prices are under pressure as hopes fade that oil producing countries will reach a deal to limit production, and on the latest evidence that stocks are rising in the US. | Prices are under pressure as hopes fade that oil producing countries will reach a deal to limit production, and on the latest evidence that stocks are rising in the US. |
| US government data published on Thursday showed weekly crude stocks rose by 2.5m barrels to 523.59m. Analysts had expected the figures from the Energy Information Administration to show a 0.5m fall. | US government data published on Thursday showed weekly crude stocks rose by 2.5m barrels to 523.59m. Analysts had expected the figures from the Energy Information Administration to show a 0.5m fall. |
| 11.55am BST | 11.55am BST |
| 11:55 | 11:55 |
| Pound falls against dollar and euro | Pound falls against dollar and euro |
| The pound is coming under some pressure. | The pound is coming under some pressure. |
| It is down 0.2% against the dollar at $1.32, and down 0.5% against the euro at €1.1688. | It is down 0.2% against the dollar at $1.32, and down 0.5% against the euro at €1.1688. |
| 11.51am BST | 11.51am BST |
| 11:51 | 11:51 |
| Ruth Gregory at Capital Economics says the strong UK retail sales reported by the CBI won’t last as the impact of the Brexit vote starts to creep into the data: | Ruth Gregory at Capital Economics says the strong UK retail sales reported by the CBI won’t last as the impact of the Brexit vote starts to creep into the data: |
| With labour market conditions likely to deteriorate and rising inflation set to undermine real wage growth, it would be fairly surprising if retail sales growth didn’t slow at all in the aftermath of the leave vote. | With labour market conditions likely to deteriorate and rising inflation set to undermine real wage growth, it would be fairly surprising if retail sales growth didn’t slow at all in the aftermath of the leave vote. |
| It shouldn’t be too dire for retail sales though, she adds: | It shouldn’t be too dire for retail sales though, she adds: |
| We think that other supportive factors – including low interest rates – should prevent household purchases from slowing too sharply. What’s more, the upbeat tone of the forward-looking indicators provide us with some reassurance that we’re not likely to see a marked collapse in consumer spending ahead. | We think that other supportive factors – including low interest rates – should prevent household purchases from slowing too sharply. What’s more, the upbeat tone of the forward-looking indicators provide us with some reassurance that we’re not likely to see a marked collapse in consumer spending ahead. |
| 11.15am BST | 11.15am BST |
| 11:15 | 11:15 |
| CBI: UK retail sales surprisingly strong in August | CBI: UK retail sales surprisingly strong in August |
| There is no sign of Brexit uncertainty weighing on consumer confidence in the CBI’s latest retail survey. | There is no sign of Brexit uncertainty weighing on consumer confidence in the CBI’s latest retail survey. |
| Shoppers were encouraged to hit the high streets by the sunny weather, shrugging off any Brexit fears. | Shoppers were encouraged to hit the high streets by the sunny weather, shrugging off any Brexit fears. |
| Specifically, 35% of retailers said sales volumes were up in August compared with a year earlier, while 26% said they were down. It gave a balance of +9%, rebounding from -14% in July. | Specifically, 35% of retailers said sales volumes were up in August compared with a year earlier, while 26% said they were down. It gave a balance of +9%, rebounding from -14% in July. |
| It was far better than the -12% predicted by retailers. | It was far better than the -12% predicted by retailers. |
| Anna Leach, CBI head of economic analysis says it’s not all good news: | Anna Leach, CBI head of economic analysis says it’s not all good news: |
| The summer weather has brought shoppers out onto the high street with retailers reporting that sales growth has risen, outdoing expectations, although firms do expect sales growth to ease next month. | The summer weather has brought shoppers out onto the high street with retailers reporting that sales growth has risen, outdoing expectations, although firms do expect sales growth to ease next month. |
| While the fall in sterling has boosted visitor numbers to the UK, it is likely to push up the price of imported goods over time which will mean households will be more likely to rein back spending on non-essentials. | While the fall in sterling has boosted visitor numbers to the UK, it is likely to push up the price of imported goods over time which will mean households will be more likely to rein back spending on non-essentials. |
| Updated | Updated |
| at 11.33am BST | at 11.33am BST |
| 11.04am BST | 11.04am BST |
| 11:04 | 11:04 |
| And we’re back... | And we’re back... |