Wall Street advanced on Tuesday, while the FTSE 100 ( ^FTSE ) and European stocks fell, as traders weighed up news that small business optimism in the US has weakened, falling 2.5 points last month to 91.2.

This is according to the latest Small Business Optimism Index, calculated by the National Federation of Independent Business (NFIB).

The fall wipes out July’s gain, and is the 32nd consecutive month below the 50-year average of 98.

NFIB’s Uncertainty Index rose to its highest level since October 2020, with nearly a quarter of business owners saying inflation was their top small business operating issue.

It came as UK wages grew at the slowest pace in two years . The Office for National Statistics (ONS) said that regular wage growth fell to 5.1% year on year over the three months to July, marking the lowest level since the quarter to July 2022.

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However, the rate of unemployment came in at 4.1% in the three months to July, dropping from 4.2% over the previous quarter.

Youth unemployment hit its highest level in over three years, in a sign that young people are struggling to enter the labour market. The unemployment rate for 18 to 24-year-olds rose to 13.3% in the three months to July.

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