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.
According to the Commerce Department, US consumer spending grew $21 billion or 0.2% last month indicating that government spending cuts could be slowing economic growth.
Weaker than expected growth out of the US caused European stocks to falter today. The FTSE closed down 31 points at 6,426 with France’s CAC and the German DAX both reporting negative figures. In contrast, the London Bullion Market saw the price of gold increase just over $10 an ounce to $1,461.47.