Jobless rate hits 4.7%, wage growth slows |
Data from the Office for National Statistics reveal that the UK's unemployment rate has risen to 4.7% in the three months leading to May, surpassing expectations. The increase, up from 4.6% in April, coincides with a slowdown in wage growth, which fell from 5.3% to 5%. The report highlights that vacancies in the UK have also decreased, marking the 36th consecutive month of decline. The decline in job vacancies, now at 727,000, reflects ongoing economic uncertainty, exacerbated by rising national insurance contributions and global trade tensions. With inflation unexpectedly rising to 3.6%, driven by food and fuel prices, the Bank of England faces mounting pressure to consider interest rate cuts at its upcoming meeting on 7 August. |
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