UNITED KINGDOM: The U.C.M.E. economy gained 1.2 million jobs in July, an increase of 1.3 percent over a year earlier and a sharp decline from August 2016, the latest data from the Office for National Statistics shows.
The ONS said on Tuesday the U.k. softening in economic activity had a large impact on consumer spending, with spending on goods and services down 1.9 percent in July compared with a year ago.
The trade deficit with the United States fell to a record low, a sign that exports from the U and U.N. had been able to fill gaps in trade with the U to some extent.
The U.B.C.-based ONS expects the trade deficit to fall to $9.9 billion in 2020.
In July, the U, the United Kingdom and the European Union were in a state of heightened uncertainty over Brexit, a vote to leave the European bloc that would lead to a formal exit from the bloc and a transition period for Britain.
U. K. Prime Minister Theresa May announced her decision to quit the European Convention on Human Rights (ECHR) on Tuesday, saying it would put the country’s interests at risk and result in loss of freedoms.
The U’s vote is the first in two decades to be held without a vote.
The European Union and the United Nations also say the vote is not binding.
U.K.-based economists have said a withdrawal would lead the country to lose its position as the world’s biggest exporter of goods.
UBS, a financial services group, said in July that a loss of trade with Britain would cause a loss in trade of more than $50 billion by 2020, a figure that includes a trade deficit and a fall in U. S. exports to the U of A. On Monday, the Office of National Statistics (ONS) reported the U-K.
trade deficit fell to $7.6 billion in the 12 months through June.
During that same period, the ONS reported U.A.S.-U.
S trade fell by $9 billion, or 4.1 percent, to $34.3 billion, reflecting a fall of $3.1 billion in goods and a rise of $5.9 in services.
A separate ONS report said the U., the UN. and the E.U. had all declined for the fourth month in a row, with the trade gap rising to $3 billion.
Despite the contraction, the economy grew at an annualized rate of 1 percent in the first three months of the year.