UK jobless rate climbs
The UK unemployment rate rose back to four percent in the three months to the end of May, according to official data released Tuesday.
In a statement, the Office for National Statistics (ONS) said the unemployment rate rose from 3.8pc to 3.9pc over the past three months.
For the first time since 2022, the rate was back at 4 percent. In spite of the rise, Jeremy Hunt, Britain’s finance minister, said the job market was strong and unemployment was low by historical standards.
A record level of pay, excluding bonuses, was reported by the ONS.
According to Darren Morgan, director of economic statistics at the ONS, the real value of weekly earnings is still declining due to high inflation.
Inflation deters investments and undermines consumer confidence, Hunt said Monday, so there could be no sustainable growth without eradicating it.
Despite recent declines, UK annual inflation remains around 9 percent.
Since late 2021, it has remained above the Bank of England’s 2 percent target for a considerable period of time, triggering numerous interest-rate hikes from the central bank.