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Britain’s unemployment rate fell to 4.2% in the second quarter, down from 4.4% in the previous quarter, according to data released Tuesday by the Office for National Statistics (ONS). The decrease was unexpected as analysts had forecast a slight rise.
In contrast, wage growth excluding bonuses slowed to 5.4%, the lowest rate since August 2022, from 5.8% in the previous quarter.
The ONS data precedes the release of UK inflation figures on Wednesday and second-quarter growth data on Thursday, which could influence the Bank of England's decisions on future interest rate cuts.
Earlier this month, the Bank reduced its lending rate for the first time since the COVID-19 pandemic began, following a significant drop in inflation from its highest levels in four decades.
[Information sourced from CNA]
