UK unemployment climbs to five-year high as vacancies lag and redundancies rise
TL;DR
Official data show the UK unemployment rate rising to 5.2% in December, the highest since early 2021, with redundancies increasing and the number of unemployed per vacancy at a post-pandemic high. Wage growth remains uneven—faster in the public sector and softer in the private sector—and the ONS cautions about interpreting monthly vacancy data. A CIPD survey links hiring cuts to new workers’ rights and higher employer National Insurance costs, while markets price in potential Bank of England rate cuts later this year.
Topics:businesseconomy#bank-of-england#economy#note-extra-tag-would-exceed-limit#ons#uk-economy#unemployment#wages
- Unemployment hits highest rate in nearly five years Sky News
- UK unemployment hits highest rate for nearly five years BBC
- Sterling falls as UK unemployment hits highest rate in five years CNBC
- UK interest rate cut likely in March as unemployment rate rises; Polanski calls for ’Covid-style mobilisation’ to tackle youth jobless crisis – business live The Guardian
- UK unemployment hits post-pandemic peak as wage growth cools Financial Times
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