The FTSE 100 (^FTSE) and European stocks were lower on Tuesday as the UK unemployment rate unexpectedly climbed to its highest level in two and a half years.
According to the Office for National Statistics (ONS), the rate rose to 4.4% from February to April this year, up from the previous figure of 4.3% and the highest since September 2021.
The number of people in work has fallen by 139,000 to 32.97 million. Meanwhile, wage growth also remained strong, with regular earnings (excluding bonuses) rising at an annual pace of 6%.
Traders are concerned that the US central bank may not cut interest rates as soon as hoped. The Federal Reserve starts its two-day meeting today and is widely expected to trim its rate-cutting projections for this year due to sticky inflation and a still-tight jobs market.
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London’s benchmark index was 0.9% lower in noon trade, dropping to its lowest level since the end of last month with miners and banks leading the…
