Official data released this week reports that unemployment has risen 3%, to just under 8% since 2007. There was also a sharp increase in people who would like to work more hours than their employers can provide, which can go part way to helping explain why the economy is so stagnant.
According to mortgage lenders Nationwide, the average house price in the UK fell unexpectedly in April. House prices were down slightly, 0.1% on the month, which was weaker than Reuters forecast.
The employment rate in America reported better then expected figures today with unemployment falling 0.1% in April to 7.5%, its lowest rate since December 2008 according to the Department of Labor. The news had a positive effect on the European stock markets with the FTSE, the CAC and the DAX all in positive territory during the day.
Breaking Italy’s political impasse, new Prime Minister Enrico Letta has pledged press for changes to the European Union’s focus on austerity and pursue economic growth and jobs. The news gave European stocks a boost and the FTSE closed up 0.49% to 6,458 today.
A YouGov poll reported that 46% of Britons expect their living standards to fall by the time next election comes around in 2015, with only 7% of respondents seeing a full recovery in the same time.