UK unemployment rate hits five-year high of 5.2% as wage growth cools
by Tom Knowles from on (#73M9F)
ONS figures raise the prospect of a further interest rate cut by Bank of England in the spring
Unemployment in the UK has risen to 5.2%, the highest level in nearly five years, while wage growth continues to slow, raising the prospect of another cut to interest rates in the spring.
The Office for National Statistics (ONS) said the rate of unemployment was 5.2% in the three months to the end of December, the highest rate since the quarter to January 2021. This was in line with what economists had been expecting and was up from 5.1% in the three months to November.
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