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Recent data reveals a drop in the UK unemployment rate to 4.2% while wage growth has slowed to its lowest in over two years. The Office for National Statistics reports conflicting trends in employment and vacancies, indicating a cooling labour market amid ongoing economic challenges.
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Recent data indicates a recovery in the UK economy, with GDP growth of 0.6% in Q2 2024, following a recession. Unemployment has decreased to 4.2%, while inflation remains manageable. However, challenges persist, including high economic inactivity and a significant number of workers on zero-hours contracts.
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UK inflation increased to 2.2% in July, marking the first rise this year after two months at 2%. This uptick is attributed to energy prices falling less than in previous years. Economists predict the Bank of England may hold interest rates steady at its next meeting, despite the rise above the target rate.
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The UK economy grew by 0.6% in Q2 2024, continuing its recovery from a recession at the end of 2023. Growth was driven by the services sector, particularly IT and legal services, despite a flat performance in June. The new Labour government aims for sustained growth amid challenges ahead.
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UK retail sales rose by 0.5% in July, driven by strong demand during the Euro 2024 football tournament and summer discounting. This follows a revised 0.9% decline in June, with department stores and sports equipment shops seeing significant gains, while clothing and furniture sales struggled amid ongoing economic pressures.