It is important that people can get back to work, because there is a massive, massive Economic Cost to what we are having to do for Health Reasons. A fire at a St Petersburg hospital has killed five coronavirus patients recieving treatment in an intensive care unit. Russian News Agencies are reporting that the blaze was started by a short circuit in a ventilator. A hospital in the Afghan Capital is under attack by armed men. A doctor who fled the building told the bbc that about 140 members of staff were inside at the time. Figures released by the ons this morning show that the number of deaths mentioning coronavirus has dropped substantially for the First Time Since the epdemic began. Theyre down a quarter in the week up to may 1st. The number of total deaths is also down. Meanwhile today more than six Million People in the uk will hear whether their wages will continue to be subsidised beyond june today. In other developments, borisjohnson has defended his plans to relax the lockdown
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In the US, we will get the US January job report. We expect the employment growth to have slowed down to 180k from 216k in December, which is a robust pace in historical terms. We expect average hourly earnings growth to have slowed to 0.3% m/m SA from 0.4% in December.
The main event today will be the US jobs report released an hour earlier than usual at 13:30 (CET), due to the shift to standard (winter) time. We expect jobs growth to cool back towards the pre-September trend at +180k, yet still continue to illustrate solid labour market conditions. Markets will also keep a close eye on the average hourly earnings growth, which slowed markedly through Q3.