The UK unemployment rate dropped in the second quarter as employers hired more staff after the economy emerged from the Covid lockdown, lifting job vacancies to a record high and driving pay growth higher.
The unemployment rate dropped 0.2 percentage points to 4.7 percent in the second quarter, the Office for National Statistics reported Tuesday. The rate was expected to remain unchanged at 4.8 percent.
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Business News
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.