Economic wellbeing report shows that household incomes have fallen this year as families are hit by rising prices
- Reckitt Benckiser cuts sales forecasts after Petya cyber-attack
- Shares fall 2% to seven-week low
- German factories bounce back
- The agenda: G20 worries; US jobs data
We’ve had two separate US jobs reports, both weaker than expected.
First the ADP employment report, which showed the private sector created 158,000 jobs in June. It was a drop from the 230,000 jobs created in May, and fewer than the 185,000 predicted by economists polled by Reuters.
A spokesman for the Treasury has responded to the news that household disposable income per head fell by 2% in the first three months of 2017.
He said the government was already helping households, including through the introduction last year of a higher minimum wage for workers over-25s, known as the national living wage.
We are taking real action to help families increase their incomes and take home more of what they earn. A basic rate taxpayer now pays £1,000 less income tax than in 2010 and thanks to the national living wage the poorest households have seen their wages rise more than in any other G7 economy.