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| Version 1 | Version 2 |
|---|---|
| Unemployment jumps as UK jobs market stalls | Unemployment jumps as UK jobs market stalls |
| (32 minutes later) | |
| 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 rate for six months. | |
| Meanwhile, the rate of people with a job dipped and the economically inactive - those not in work or looking for a job - ticked higher. | Meanwhile, the rate of people with a job dipped and the economically inactive - those not in work or looking for a job - ticked higher. |
| Economists suggested the data could spur the Bank of England to cut interests rates in the summer. | |
| "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." | Yael Selfin, chief economist at KPMG UK, added: "Easing pressure in the labour market keeps the Bank on track for a summer rate cut." |
| Figures showed that while average wage growth, excluding bonuses, edged down from 6.1% to 6% it remained far above forecasts. | |
| Wage growth is a key measure that is monitored by the Bank of England when deciding whether or not to cut interest rates because it can fuel inflation. | |
| The Office for National Statistics (ONS) said there are "tentative signs that the jobs market is beginning to cool". | |
| The unemployment rate rose from 3.9% in the three months to January and surpassed economists' forecast of an increase to 4%. | |
| Related Topics | Related Topics |
| Unemployment | Unemployment |
| Personal finance | Personal finance |
| Pay | Pay |