The UK unemployment rate rises to 4.2%

The UK unemployment rate rose to 4.2% in the quarter to the end of February, the Office for National Statistics (ONS) announced on Tuesday.

The unemployment rate had already risen slightly to 3.9% in the quarter ending at the end of January, compared to 3.8% recorded in December.

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The UK unemployment rate rose to 4.2% in the quarter to the end of February, the Office for National Statistics (ONS) announced on Tuesday.

The unemployment rate had already risen slightly to 3.9% in the quarter ending at the end of January, compared to 3.8% recorded in December.

Meanwhile, wage growth fell slightly to 6% between December and February, after the 6.1 and 6.2% recorded in January and December, respectively.

These figures are closely followed by the Bank of England, which has kept interest rates high for several months at 5.25%, in an attempt to bring inflation down to its 2% target.

Although UK inflation has fallen significantly since reaching its highest level, from 11% at the end of 2022, to 3.4% year-on-year in February, it is still far from the 2% target.

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