THE UNEMPLOYMENT rate dropped to 4.2 per cent in the second quarter, according to official data released on Tuesday. This is down from 4.4 per cent in the three months to the end of May, the Office for National Statistics (ONS) reported.
Analysts had expected a slight increase in the unemployment rate.
Wage growth, excluding bonuses, also slowed, decreasing to 5.4 per cent from 5.8 percent during the same period. This marks the lowest wage growth level since August 2022, the ONS noted.
“The number of job vacancies continues to decline, although the total number remains above pre-pandemic levels,” said Liz McKeown, ONS director of economic statistics.
This week is significant for British economic data, with inflation figures set to be released on Wednesday, followed by second-quarter growth figures on Thursday.
These data points could influence future interest-rate decisions by the Bank of England Read More…..