UK Unemployment Rate Rises to 4.3%, Signaling Potential Cut from BOE

The latest data from the Office for National Statistics revealed that the unemployment rate in the U.K. climbed to 4.3% in the three months leading up to March, aligning with predictions by analysts. This figure saw a small increase from the previous period’s rate of 4.2% in February.

Additionally, there was a notable surge in wages excluding bonuses, which rose by 6.0% during the three-month period compared to the same period last year. This growth surpassed analyst expectations of a 5.9% increase.

As the Bank of England mentioned the possibility of a rate cut at its upcoming June meeting, it emphasized the importance of closely monitoring labor market data and its potential impact on inflation.