US economy lost 23,000 jobs in July in surprise blow to Trump – as it happened

Rolling coverage of the latest economic and financial news, as US job report dramatically misses expectations

Newsflash: Global food commodity prics have hit a three-year high, as the Ukraine war, conflict in the Middle East and extremely hot weather push up crop prices.

The United Nations’ Food and Agriculture Organization’s Food Price Index, which tracks key food prices, has just risen to its highest since January 2023.

International sorghum prices edged higher in line with the increases in maize prices in the United States of America. By contrast, barley prices fell by 1.9 percent, as favourable crop prospects in Australia and the Black Sea region more than offset heat-related yield losses in the European Union.

On the other hand, the FAO All Rice Price Index held broadly steady in July 2026, as a mild increase in Indica quotations was offset by demand-driven price declines for all other major traded rice varieties.

“More broadly, average house prices have remained relatively stable for almost two years, moving within a narrow range over that period and sitting just +0.5% higher than they were in November 2024.

That trend has persisted even as buyers and sellers have faced a more uncertain economic backdrop this year. “Affordability remains a challenge for many would -be buyers and, following recent events in the Middle East, mortgage rates have edged higher again after easing earlier in the summer".”