The UK has witnessed a rise in its unemployment rate, signaling the impact of economic instability on the job market.
According to the Office for National Statistics (ONS), the unemployment rate escalated to 4.2% over the three months leading to February, marking the highest rate observed in almost half a year.
The increase began from a baseline of 3.9% in the three months to January, surpassing the modest rise to 4% anticipated by most economists for the quarter.
Furthermore, the latest data revealed a decline in regular wage growth, excluding bonuses, to 6% in the three months to February.
However, in a positive turn, the real regular wages, adjusted for the Consumer Prices Index (CPI), saw an increase of 2.1%, reaching the most substantial growth in over two years.
