U.K. unemployment unexpectedly nudged higher between February and April to its highest level since September 2021.
Simultaneous strong wage growth divided opinions from market-watchers mulling the timing of an interest rate cut from the Bank of England. "The BOE will be incredibly cautious to cut rates at a period when spending power is high for consumers and potentially triggering a fresh inflationary bout. As such, today's data will continue to put a dampener on a rate cut in June or August, with November remaining the likeliest date to see that first fall."
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