UK Unemployment Rate Hits Highest Level Since September 2024

The UK unemployment rate rose to 4.73% in the first quarter of 2025, the highest since September 2024, up from 4.4% in the prior three months, according to the Office for National Statistics (ONS). This marks a significant increase from the 4.3% recorded in the three months to October 2024. The data, released on May 13, 2025, reflects a cooling labor market, with payrolls dropping by 47,000 in March and job vacancies falling by 42,000 to 761,000 in February to April 2025. Factors include increased business taxes and a 6.1% rise in the minimum wage, impacting hiring. Wage growth slowed to 5.1% annually, but real wages grew by 2.2% against inflation