ay in real terms is dropping faster than at any time since records began in 2001, the Office for National Statistics (ONS) revealed today.
Wages excluding bonuses fell 2.8% in real terms from a year earlier in March to May, highlighting inflation’s impact on household budgets.
Other figures from the ONS were more encouraging for the UK economy as it reported an unchanged unemployment rate of 3.8% for May.
Markets weaken on Apple speculation
Speculation that Apple is planning to slow hiring and spending meant US markets lost momentum after Europe’s close last night.
The Dow Jones Industrial Average finished down 0.7% as the latest signs of deteriorating economic confidence offset a raft of better-than-expected second quarter earnings updates, including from banking giants Goldman Sachs and Bank of America.
The FTSE 100 index finished almost 1% higher yesterday, its second big rise in a row after mining stocks rallied as fears eased over the prospect of a one percentage rise in US interest rates next week.
However, the top flight is expected to retreat 37 points to 7186 this morning after Asian markets tracked the reversal seen on Wall Street.
A rise in China’s number of Covid cases to the highest level since mid-May added to downward pressure in Hong Kong as the Hang Seng traded more than 1% lower.
Credit: www.standard.co.uk /