UK Unemployment Rate at Lowest Level Since 1975
The UK unemployment rate remains at its lowest level since 1975 and wages begin to increase and the Eurozone economy remains on track. The UK unemployment fell by 57,000 in the three months to June, bringing the jobless rate down to 4.4%.
Meanwhile the July claimant count fell by 4,200. One of the reason – is the new later state pension age for women. And average weekly earnings increased by 2.1% compared with a year earlier - slightly higher than last month's 2% increase. But UK inflation is still at 2.6% which means real earnings are still falling.
The Eurozone continues to grow, expanding 0.6% in the second quarter, in line with expectations, with Germany and Spain doing especially well. And Italy grew for the tenth quarter in a row.
Balfour Beatty is the best performer in Europe after stronger-than-expected earnings news as it continues to focus on winning British infrastructure contracts, posting an almost 70 percent rise in half-year profit – saying a two-year overhaul had restored its British construction unit to profit.
And Admiral posted a 1 percent increase in profit before tax for the first six months of the year. However, costs from an increase in the British government's personal injury rate hampered the firm's growth and the company is trading in the red today.
--- Written by Katie Pilbeam, DailyFX