UK unemployment rate at its highest in a decade

VTV.vn - The unemployment rate in the UK in the third quarter rose to 5%. This is the highest level in the past decade, not counting the Covid-19 pandemic.

Unemployment rate in G7 powerhouse is "sky-high"

The rise in unemployment comes after a long period of staff cuts or new recruitment curbs by many businesses to cut costs. It is estimated that around 180,000 people have lost their jobs since the UK government increased taxes on employers in April. The latest economic figures show that the number of unemployed people is rising, while wage growth is slowing. The gloomy economic outlook has also raised expectations that the Bank of England (BoE) will soon ease monetary policy to support growth.

The odds of the Bank of England's Monetary Policy Committee (MPC) cutting interest rates by 0.25 percentage points at its December meeting have risen from around 60% to 75%. The latest figures are almost certain to lead to a rate cut in December, said Pooja Kumra, rates strategist at TD Securities.

Responding to the third-quarter jobs update, the pound fell 0.4% to $1.312, while two-year government bond yields, which are sensitive to interest rate expectations, fell 0.06 percentage point to 3.75%.

At a meeting last week, MPC members decided to keep interest rates on hold at 4.0% in a narrow vote, but signaled that a rate cut could come as early as December, if price pressures continue to ease.

Source: https://vtv.vn/ty-le-that-nghiep-tai-anh-cao-nhat-trong-mot-thap-ky-100251112094310321.htm