The UK unemployment rate today increased to 4.7%, the highest level in four years. The figure compared with City forecasts for an unchanged rate of 4.6%. Growth in average earnings excluding bonuses slowed to 5% in the three months to May, compared with 5.3% in last month’s labour market report.

Britain's unemployment rate rose to 4.7% in the March to May quarter, according to the Office for National Statistics — higher than economists had expected.

The consensus forecasts are for the unemployment rate to remain at 4.6% for May (some economists expect it to rise to 4.7%), while average pay growth eases to 4.9% from 5.3%, excluding bonuses. June payrolls are estimated to drop by 41K, after a 109K fall in May, that many economists expect to be revised to a smaller decline.

The biggest fallers on the FTSE 100 were AstraZeneca, down 124.00p at 10,312p, British American Tobacco, down 60.00p at 3,813.00p, Endeavour Mining, down 60.00p at 2,172.00p, InterContinental Hotels, down 48.91p at 8,555.09p, and Anglo American, down 28.00p at 2,197.00p.

The FTSE 100 rose 0.5% to 8,972.64, while the FTSE 250 gained 0.8% to 21,766.43. The AIM All-Share edged 0.4% lower. European markets mirrored the upbeat tone, with Paris’ CAC 40 closing 1.2% higher and Frankfurt’s DAX climbing 1.4%. US indices were also firmly higher, with Nasdaq futures hitting record highs.

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The stronger-than-expected US jobs figures today have decreased the chances of an interest rate cut by the Federal Reserve later this month.

The FTSE 100 surged to a new all-time high today as fears about the impact of Donald Trump’s tariff threats ebbed away and euphoria about the potential for AI technology gripped investors. Within half an hour of the start of trading on the London stock exchange the blue chip index of Britain’s biggest listed companies was up 77.

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The FTSE 100 index closed up 46.09 points, 0.5%, at 8,972.64. The FTSE 250 ended up 164.57 points, 0.8%, at 21,766.43, and the AIM All-Share closed down 3.17 points, 0.4%, at 768.93.