Unemployment Rises, Interests Rates Expected to Hold at 5.25% mdi-fullscreen

New figures (based on a new methodology) from the Office of National Statistics (ONS) show unemployment rose to 4.2% in three months to August. That’s up from 4% in the previous quarter. Suggesting the Bank’s repeated interest rate rises are slowing the economy…

Revised figures now indicate a reduced estimate for economic inactivity compared to previous data, with 20.9% of working-age adults reported as neither employed nor actively seeking employment during the most recent period. The government claims this simply demonstrates a reduction in economic inactivity by 250,000+ individuals since the peak of the pandemic, along with a decline in long-term unemployment. The Bank will meet next Thursday, the word in the City is that it will keep interest rates at 5.25%..

mdi-tag-outline ONS
mdi-account-multiple-outline Mel Stride
mdi-timer October 24 2023 @ 10:35 mdi-share-variant mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-printer
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