The UK jobless rate rose slightly, and wage growth softened in the three months to August, raising chances of an interest rate cut this year.
The ILO jobless rate rose slightly to 4.8 percent from 4.7 percent in the preceding period, the Office for National Statistics reported Tuesday. The rate was seen unchanged at 4.7 percent.
In the three months to August, average earnings excluding bonuses increased 4.7 percent from a year ago, in line with the forecast, and weaker than the 4.8 percent rise posted in the three months to July. Including bonuses, average earnings grew 5.0 percent, which was much faster than forecast of 4.7 percent.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.