Further evidence emerged that the U.K. economy may be on the verge of recovery as unemployment claims fell by 8,600 in May from April. However, basic pay was up 0.9% in the three months through April while inflation remains around 2.4% annually. "After being in a pretty long funk for the past couple of years, there is something of an acceleration going on. But it isn't very strong, and certainly nothing like escape velocity," said economist Neville Hill at Credit Suisse Group in London.
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