UK unemployment rate unexpectedly rises as labour market cools
The UK unemployment rate rose more than economists had expected, according to official data. The labour market is cooling, wage growth is easing and firms are turning more cautious about new hiring.
According to the latest data published by the Office for National Statistics, the UK unemployment rate rose above economists' forecasts. The BBC notes that the labour-market slowdown is expected to become more visible in the April release.
The rise comes as firms cut back on hiring, trim working hours and, in some cases, lay off younger staff. The participation rate remains weak and real wage growth has tended to slow.
The figures are pivotal for the Bank of England's rate path. Investors are repricing sterling and gilt yields. Combined with Burnham's reassurances on fiscal rules, the prospect of a Bank of England rate cut in the coming months is back on the table.
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