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Economy: Unemployment in Great Britain continues to rise significantly

Economy: Unemployment in Great Britain continues to rise significantly

Unemployment in the UK continues to rise. By June, the unemployment rate had grown to 4.2 percent.

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UK unemployment rises again. In the three months to June, the unemployment rate rose 0.3 percentage points to 4.2 percent, the ONS statistics office reported in London on Tuesday.

This is the second increase in a row. Analysts were surprised by this development. They expected a rate of 4.0 percent. As in the previous month, the ONS attributed the rise in unemployment to six months primarily.

Along with rising unemployment, the labor force participation rate also fell. In the April-June period, compared to the previous three months, it fell by 0.1 points to 75.7 percent.

Wages and salaries are rising sharply. Here, the Bureau of Statistics reported 7.8 percent growth in the April-June period, excluding bonus payments. This increase is the strongest since the time series began in 2001. Wage developments are a sign that inflation will remain high, and should continue to put pressure on the British central bank. For some time now, the Bank of England has been fighting high inflation by raising interest rates.

MK