UK Payrolls Slide as Inflation Rises Amid Energy Price Hike

The UK's labor market continued to weaken in July, with payrolls declining and inflation rising due to higher energy costs.

According to recent data, the UK's private sector employment index fell to a three-month low, while the average weekly earnings growth rate also slowed down. This comes as the country grapples with the ongoing economic challenges.

The euro area saw a modest expansion in private-sector business activity, despite a decline in French economy activity. Meanwhile, Japan's economic growth disappointed due to lower capital spending.