Unemployment Rate
This coverage examines how changes in the unemployment rate affect the UK retail sector, offering insights for executives, managers, and industry professionals. Reporting includes analysis of labour market trends, workforce availability, consumer spending power, and policy impacts, helping professionals understand the link between employment levels and retail performance.
-
Sep- 2023 -21 SeptemberEconomy
Bank of England keeps interest rates unchanged at 5.25%
Following 14 straight rate rises, the Bank of England (BoE) has kept interest rates unchanged at 5.25%. At its latest meeting, the Monetary Policy Committee (MPC) voted by a slim majority of 5–4 to maintain the current rate, though four members preferred to increase the rate to 5.5%. The MPC…
Read More » -
12 SeptemberEconomy
Wage growth starts to outpace rate of inflation
Pay growth has caught up with the rate of inflation for the first time in nearly two years, as wages surged at a record rate in the last quarter, official figures have shown. According to the Office for National Statistics (ONS), earnings, excluding bonuses, rose by 7.8% between May and…
Read More » -
May- 2023 -16 MayEconomy
Unemployment rises to 3.9%
The unemployment rate for January to March 2023 increased by 0.1 percentage points during the first quarter to 3.9% amid a surge in those not working due to ill health, according to the latest statistics from the Office For National Statistics (ONS). The ONS also found that the UK employment…
Read More » -
Dec- 2022 -15 DecemberEconomy
Bank of England raises interest rates by 0.5% to 3.5%
The Bank of England (BoE) has announced that interest rates will be raised by 0.5%, bringing the base rate of interest to 3.5%, the highest level in 14 years. At a meeting held on 14 December 2022, the Bank’s MPC voted by a majority of 6-3 to increase rates by…
Read More » -
Nov- 2022 -15 NovemberEconomy
Unemployment rate rises to 3.6%
The unemployment rate for July to September 2022 increased by 0.2% on the quarter to 3.6, according to the latest statistics from the ONS. The UK employment rate for July to September 2022 was 75.5%, largely unchanged from the previous quarter and 1.1% lower than before the coronavirus pandemic. Over…
Read More » -
Oct- 2022 -11 OctoberEconomy
Unemployment at lowest level in 50 years as pay levels fall
The UK unemployment rate dropped to 75.5% for June to August 2022, down 0.3 percentage points from the previous quarter (March to May 2022), and this marks the lowest level of unemployment rates since December to February 1974. According to the Office for National Statistics (ONS), rising inflation has caused…
Read More » -
Aug- 2022 -16 AugustEconomy
Wages see highest fall on record amid rising inflation
Regular pay in the UK has fallen by a “record” 3% in the quarter ending June 2022, the steepest decline since records began two decades ago, as the nation continues to battle rising inflation and the cost-of-living crisis. Not accounting for inflation, growth in regular pay, excluding bonuses, would be…
Read More » -
4 AugustEconomy
BoE hikes rates to 1.75%, warns UK to enter recession until 2024
The Bank of England (BoE) has raised interest rates from 1.25% to 1.75%, marking the biggest rise in rates since 1995. In its latest announcement, the BOE also projected that the UK would fall into a recession in the fourth quarter of the year, which is expected to last for…
Read More » -
Jun- 2022 -27 JuneEconomy
Cost of living crisis could lead to ‘mild recession’, report warns
There is a rising risk of the UK economy falling into a “mild recession” due to the cost of living crisis, according to the latest economic report from KPMG. In its quarterly report, the ‘Big Four’ accounting firm said that the UK economy faces a number of global and domestic…
Read More » -
16 JuneEconomy
BoE raises interest rates to 1.25%
The Bank of England’s (BoE) Monetary Policy Committee has voted to raise interest from 1% to 1.25% – marking its fifth rise in a row as it bids to offset the impact of rising inflation. The Monetary Policy Committee voted by a majority of 6-3 to increase the rate to…
Read More »
- 1
- 2