S&P: A second consecutive daily dragonfly doji at 76.4 per cent Fib retracement resistance and the commodity channel index yet to turn down. Chart/Levels from Analyst, Nicole Elliott – Investors Chronicle.

 

Record British women in work Despite weak April GDP

Figures published yesterday by the ONS showed that, despite GDP falling 0.4 per cent this April, and manufacturing dragged down by plunging vehicles built, unemployment remained at 3.8 per cent (1.3 million people), its lowest since 1974. Employment grew by 32,000 in the same three months taking the total in work to a new record 32.7 million. Average earnings grew at an annualised 3.4 per cent, 3.1 per cent excluding bonus payments. Women in work in the 3 months to April hit a record high of 72 per cent – versus 80.3 per cent of males in work – possibly because they’ve postponed retirement or because two or more incomes per household are needed to maintain a certain standard of living.

Data for the Eurozone was not as upbeat, with the June investor sentiment measured by Sentix dropping to -3.3 from May’s +5.3. Some believe the fairly sharp fall was caused by President Trump’s trade policies and threat to meddle with French wine exports. The ECB is still expecting the area to grow by 1.2 per cent this year.

Nicole Elliott

Financial Markets and Political Commentary
 

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