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The UK’s jobless rate increased to a two-year high in the three months leading up to the end of June as the nation battles rising inflation and a cost of living problem.
UK unemployment rises: According to the Office for National Statistics (ONS), the percentage of unemployed persons grew to 4.2 percent from 4.0 percent in the three months leading up to the end of May.
The ONS stated that the rise primarily resulted from an increase in individuals who had experienced unemployment for up to six months.
The highest annual inflation rate among the G7 countries is currently 7.9 percent in the UK.
British unemployment is lower than that of Canada, France, Italy, Spain, and the Eurozone, according to the UK finance ministry.
Although the jobless rate is at its highest level since July to September of 2021, the ministry stated that it is still “low by historical standards”.
According to Ruth Gregory, deputy chief UK economist at Capital Economics, “the Bank of England will welcome the fall in employment in the three months to June and the further rise in the unemployment rate as a sign labour market conditions are cooling.”
However, she continued, “wage growth is still accelerating, which supports our estimate that the Bank of England will give one more 25 basis point rate hike before it concludes its tightening cycle.