Despite the rising unemployment, the UK wage growth registered its strongest growth on record in the three months to July adding pressure on the Bank of England to hike the interest rate further at its upcoming meeting this month.
The unemployment rate rose to 4.3 percent in the three months to July from 4.2 percent in the preceding period, the Office for National Statistics reported Tuesday. The rate came in line with expectations. Regarding the wage growth, data showed that average earnings excluding bonuses grew the most since records began in 2001. Regular pay rose 7.8 percent annually in the May to July period, in line with 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.