The UK unemployment rate rose to 5.0% in May 2023, with further increases expected in the coming months due to geopolitical tensions and the ongoing war in Iran. New data showed a decline in payrolls by 100,000 in April, reflecting weakened consumer demand. Additionally, petrol prices have hit their highest level since 2022, raising consumer concerns about future inflation.
UK petrol prices reached 159.43p per litre, the highest since December 2022, as global crude oil surged back to $100 following fresh geopolitical escalations.
Read the full storyUK annual CPI inflation slowed to 2.8% in April, undershooting market expectations and fueling bets on imminent interest rate cuts by the Bank of England.
FTSE indices climbed after UK unemployment rose to 5% and payrolls dropped by 100,000, leading investors to bet on a pause in BoE monetary tightening.
UK employers are reducing job postings and freezing recruitment due to economic uncertainty stemming from the conflict in Iran.
The Eurozone's trade balance weakened in March as geopolitical tensions in the Middle East drove up energy import costs and disrupted global supply chains.
The company reported adjusted pre-tax profits of £2.2 million for the first half, forecasting modest growth despite ongoing sector challenges.
The UK labor market softened as unemployment reached 5.0%, driven by the economic fallout from the ongoing war in Iran and expectations of further weakness.