The UK's unemployment rate has escalated to 4.7%, the highest since June 2021. This rise is accompanied by average earnings growth hitting a three-year low at 5% for the period ending in May. The Bank of England has indicated readiness to implement larger interest rate cuts if the job market continues to slow. Economic indicators, including a contraction in GDP during April and May, suggest a weakening labour market. Reports indicate a decline in payroll employment, although recent tax data shows less severe declines than previously thought.
Britain's unemployment rate has reached its highest level since June 2021, with the jobless rate rising to 4.7% in the three months to May, a slight increase from 4.6%.
Average earnings growth, excluding bonuses, decelerated to 5% in the period to May, marking its lowest level in almost three years, highlighting a slowdown in wage growth.
The labour market continues to weaken, with the number of employees on payroll falling again, although revised tax data shows the decline in recent months is less pronounced than estimated.
The Bank of England is prepared to make larger interest rate cuts if it observes further slowing in the job market, reflecting concerns over economic health.
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