July 17, 2024

UK unemployment rate rises to two-year high – Data – RT Business News

UK unemployment rate rises to two-year high – Data – RT Business News

The Office for National Statistics (ONS) reported on Tuesday that the UK’s unemployment rate reached its highest level in nearly two years, adding that the rise was mainly due to a rise in the number of unemployed people over a period of up to six months.

According to the National Bureau of Statistics, the number of unemployed rose to 4.2%, compared to 4% recorded in the three months to the end of May, as job vacancies decreased by 66,000 to 1.02 million.

Meanwhile, wages rose, with private sector wage growth accelerating to 8.2%, outpacing a leading indicator of inflation. Weekly earnings, excluding bonuses, averaged an annual growth rate of 7.8% and reached record levels.

However, growth has outpaced rising prices in the UK, effectively cutting workers’ wages.

The country is still experiencing a severe cost of living crisis and has a higher inflation rate than other major European countries. The UK’s annual inflation rate is currently 7.9%, the highest among the G7 countries.

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