The UK unemployment rate rose to a near five-year high in the fourth quarter as the coronavirus pandemic continued to weigh on the labor market amid the ongoing tight restrictions.
At 5.1 percent, the jobless rate was the highest since 2016, data from the Office for National Statistics revealed Tuesday. The rate was 0.4 percentage points higher than the previous quarter and matched economists' expectations.
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May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.