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Good morning from the Financial Times.

Today is Friday, August 5th, and this is your FT News Briefing.

US unemployment claims have hit a six-month high.

The UK Central Bank says inflation has taken a huge toll on living standards,

and you gotta go back to the 1960s to see anything like it.

Plus, Europe's Central Bank recently dragged interest rates out of negative territory

for the first time since 2014.

We'll take a look at how lenders are dealing with the new environment.

I'm Mark Filipino, and here's the news you need to start your day.

Last week, new unemployment claims in the US reach their highest level in more than

six months.

These numbers that came out yesterday signal that companies are firing more people.

Significant layoffs at technology, retail, and crypto businesses have added fuel to the fire.

Economists told the FT News New Unemployment Numbers are a sign that the labor market is cooling off,

but they don't anticipate a big jump in unemployment since there are still more job openings

than there are workers to fill them.

The Bank of England said yesterday that Britain is facing a protracted recession,

and the country is facing the worst squeeze on living standards in more than 60 years.

This largely comes down to inflation.

It's high, and the BOE says that it could reach 13% this year.

...