Latest news with #official figures
Yahoo
4 days ago
- Business
- Yahoo
EU economic growth slows to 0.2% in second quarter
Euro area GDP growth hit 0.1% quarter-on-quarter for the period between April and the end of June, according to new figures, while the EU's economy grew 0.2%. The print confirms earlier estimates. The figures represent a slowdown in growth for the bloc. The EU saw economic growth of 0.5% in Q1 and 0.6% growth for the euro area, according to official figures. Year-on-year, growth was 1.4% for the euro area in the second quarter and 1.5% in the EU. Read more: UK economic growth slows between April and June Spain's growth led the pack on an individual country basis, with its economy growing 0.7%. Meanwhile, unemployment ticked up by 0.1% in both the euro area and the EU in the second quarter, compared with the previous quarter. In the first quarter of the year, employment had increased by 0.2% in the euro area and had remained stable in the EU. Meanwhile, the US economy grew 0.7% in the second quarter, while economic growth in the UK slowed to 0.3%, per figures released on Thursday. The latest data comes as traders scale back bets of ECB rate cuts in the longer-term. A de-escalation in trade tensions with the US alongside a bump in fiscal spending in Germany has kept the need for further reductions at bay. Reuters reported on Thursday that several investment banks, including Goldman Sachs (GS), have revised their forecasts, now anticipating that the European Central Bank (ECB) has ended its current easing cycle. While trade risks could still weigh on growth and inflation, these banks believe the ECB, which offered an upbeat assessment of the euro zone economy after its latest meeting, is likely to hold rates at 2% for the foreseeable future, Reuters said. Read more: Sterling hits one-month high as UK growth better than expected Trending tickers: Cisco, AMD, Bullish, Webtoon Entertainment, Carlsberg and Aviva Bitcoin price hits record high of $124,000 amid crypto rallySign in to access your portfolio
The Independent
6 days ago
- Business
- The Independent
Universal credit claimants hit record high of eight million people
The number of people claiming universal credit (UC) has hit a record high of eight million. Claimants jumped by more than a million in a year – from 6.9 million people in July last year. The latest figure of 8.0 million for July 2025 is the highest level it has been since UC was introduced in 2013, according to official figures published on Tuesday. UC is a payment to help with living costs and is available for people in work who are on low incomes, as well as those who are out of work or cannot work. The steep rise in the past year has been driven almost entirely by people who are not required to work, with 3.7 million in this category in July – a rise of 39% or 1 million since the same time in 2024. People in this bracket can include those in full-time education, over the state pension age, someone with a child aged under one, and those considered to have no prospect of work. The Labour Government has previously said it 'inherited a broken welfare system and spiralling, unsustainable benefits bill' from the Conservatives, and is working on reforms including tightening rules on who can claim UC. The number of working people on UC rose to 2.2 million in July, up slightly from 2.1 million 12 months previously.
