The UK unemployment rate reached a near five-year high and wage growth softened in the fourth quarter, strengthening the case for the Bank of England to cut interest rates in March.
The unemployment rate rose to 5.2 percent in the three months to December from 5.1 percent in the preceding period, the Office for National Statistics reported Tuesday. The rate hit the highest since early 2021 and also matched expectations.
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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.