UK unemployment rises, cuts priced

10h

UK unemployment rose to 5.2%, a near five-year high, as wage growth cooled and traders priced in a Bank of England interest-rate cut.

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The Guardian

UK interest rate cut likely in March as unemployment rate rises; youth joblessness to ‘increase significantly’ in coming months – business live

City traders expect cut to UK interest rates next month after jobless rate rises to 5. 2% UK unemployment rate hits five-year high of 5. 2% as wage growth cools Analysis: Gloom for UK workers as incomes flatline and jobs market falters The pound is weakening, as traders anticipate the Bank of England could cut interest rates next month. Sterling has fallen by two-thirds of a cent against the US dollar, to $1. 355, its lowest rate since 6 February. The market reaction has been swift. The pound has sunk on this news, GBP/USD is down by 70 points and it has lost the $1. 36 handle. It is the weakest currency in the G10 FX space on Tuesday, and the pound is now trailing behind the dollar, and is the weakest currency in the G10 so far this month. As the UK economy softens, the bias is to the downside for sterling. Continue reading. . .

Reposts 8 21h

Financial Times

UK unemployment hits post-pandemic peak as wage growth cools

Youth joblessness surges to highest in over a decade

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The Guardian

UK unemployment rate hits five-year high of 5.2% as wage growth cools

ONS figures raise the prospect of a further interest rate cut by Bank of England in the spring Gloom for UK workers as incomes flatline and jobs market falters Business live - latest updates 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. Continue reading. . .

Reposts 10 1d

The Guardian

Gloom for UK workers as incomes flatline and jobs market falters

Falls in inflation and interest rates could leave Britain better off this year, but at the cost of high unemployment UK unemployment rate hits five-year high Private sector pay increased on average by just 3. 4% in December, according to the latest official labour market data released on Tuesday, the same as the rise in inflation at the end of last year. No wonder the vast majority of workers are feeling the winter blues. Their incomes, adjusted for rising shop prices, have flatlined, leaving them no better off than they were a year earlier. Continue reading. . .