The UK jobs market is showing signs of stalling as the number of people out of work rose, according to new figures.
The unemployment rate increased to 4.2% between December and February, which is the highest level for six months.
Meanwhile, the rate of people with a job dipped and the economically inactive – those not in work or looking for employment – ticked higher.
Meanwhile, the rate of people with a job dipped and the economically inactive – those not in work or looking for employment – ticked higher.
“With employment falling sharply and the unemployment rate climbing, we suspect wage growth will continue to ease in the coming months,” said Paul Dales, chief UK economist at Capital Economics.
“That may allow the Bank to cut interest rates in June.”
Yael Selfin, chief economist at KPMG UK, added: “Easing pressure in the labour market keeps the Bank on track for a summer rate cut.”
The Office for National Statistics (ONS) said there are “tentative signs that the jobs market is beginning to cool”.
Overall, the ONS said the UK’s unemployment rate rose from 3.9% in the three months to January and surpassed economists’ forecast of an increase to 4%.
The UK jobs market is showing signs of stalling as the number of people out of work rose, according to new figures.
Meanwhile, the rate of people with a job dipped and the economically inactive – those not in work or looking for employment – ticked higher.
The unemployment rate increased to 4.2% between December and February, which is the highest level for six months.
“With employment falling sharply and the unemployment rate climbing, we suspect wage growth will continue to ease in the coming months,” said Paul Dales, chief UK economist at Capital Economics.
Meanwhile, the rate of people with a job dipped and the economically inactive – those not in work or looking for employment – ticked higher.
Meanwhile, the rate of people with a job dipped and the economically inactive – those not in work or looking for employment – ticked higher.
“With employment falling sharply and the unemployment rate climbing, we suspect wage growth will continue to ease in the coming months,” said Paul Dales, chief UK economist at Capital Economics.
“That may allow the Bank to cut interest rates in June.”
Yael Selfin, chief economist at KPMG UK, added: “Easing pressure in the labour market keeps the Bank on track for a summer rate cut.”
The Office for National Statistics (ONS) said there are “tentative signs that the jobs market is beginning to cool”.
Overall, the ONS said the UK’s unemployment rate rose from 3.9% in the three months to January and surpassed economists’ forecast of an increase to 4%.
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