that we have returned to negative growth? that we have returned to negative urowth? , that we have returned to negative . rowth? , ., . ., , that we have returned to negative urowth? , ., , , . growth? they were actually expecting 0.396 contraction growth? they were actually expecting 0.396 contraction during growth? they were actually expecting 0.396 contraction during may, - growth? they were actually expecting 0.396 contraction during may, due - growth? they were actually expecting 0.396 contraction during may, due to l 0.3% contraction during may, due to the impact of the extra bank holiday related to the coronation. pretty mixed bag. it is not great overall. if you look at the numbers over the last three months, the uk economy essentially flatlined, as you said in your preamble. the uk economy is barely larger than it was four years ago, pre covid. it s not looking great, and if you look at what the markets think in terms of longer term growth for the uk economy, the
it s a sign that the federal reserve s moves to raise interest rates to slow down inflation seems to be working, but analysts still think america s central bank will raise interest rates one more time at their next meeting. now, the cooler inflation is good news for consumers, but it s also good news for us presidentjoe biden, who touted the administration s efforts to bring prices down. now, he is facing re election next year and being able to control inflation without pushing the economy into a recession will be key if he wants another four years in the white house. samira hussain there. let s bring in the milken institute s chief economist, william lee, whojoins us now from nevada. that s the ultimate question that all the central banks around the world are asking them selves. has the us peaked? lots of prices and inflation decreases have come out because supply chains have been restored around the world and consumers are able to get the stuff they want to buy. one of the
prices will stay high for longer. and we take a look at the biggest deal in golf, ahead of a us senate hearing into the pga liv merger. welcome to world business report. let s start here in the uk where the government is facing another big setback in its battle against inflation. new data show that average wages have risen at a record annual pace of 7.3% in the march to may period, compared with the same period last year. british headline inflation is running at 8.7%, staying higher for longer than many had forecast. and there are concerns that after 13 consecutive interest rate rises, that the bank of england could need to raise it even further to bring price rises under control. let s hear now from janet mui, head of market analysis at rbc brewin dolphin. thank you for being with us. inflation has not been coming down at the expected pace. what does this data signal about how things could pan out? good afternoon. thank you for having me. which group is still pretty strong,
turkey dropped its year long objection. adding finland and sweden to nato is consequential. i still think that president putin thinks not going to do that. the question now facing nato leaders, should they welcome ukraine next even as russia wages war on that country. also ahead, historic flooding, vermont s capital surrounded by water. take a look at this. there is still danger this flooding could get even worse in the coming hours. and later details of the grand juries being seated today in georgia that could decide whether donald trump will be indicted over 2020 election interference in that state. so a lot to talk about. let s begin with the historic nato summit unfolding across the atlantic. next hour we are expecting a bilateral meeting with president biden and turkish president erdogan there in lithuania. this will be an important one to watch. after turkey dropped its objections allowing sweden to join this alliance. sweden s leader, part of this big group p
deal was necessary to preserve the game of golf. deal was necessary to preserve the game of golf. some players have left the the game of golf. some players have left the pga the game of golf. some players have left the pga tour - the game of golf. some players have left the pga tour to - the game of golf. some players have left the pga tour to join i have left the pga tour to join aqua to golf. the pga tour and liv were facing each other in litigation, there is division and tension among players, you could feel it spreading to fans and sponsors. my concern was that if it all continued, expensive legal fights, that if it all continued, expensive legalfights, every expensive legal fights, every day expensive legalfights, every day wondering which player was going to leave next, a fan base tired of hearing about it, sponsors nervous, golf as we know it would be damaged forever. l115 know it would be damaged forever. ,, ., .,~ , ., know it would be damaged forever. ,, ., .