UK Unemployment Up at Record Pace in Sign of Cooler Jobs Market
- Bank of England says tight jobs market is fueling inflation
- Long-term sickness declines for the first time this year
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UK unemployment jumped at the quickest pace on record for a single month in May, providing the Bank of England a ray of hope as it attempts to cool pressures in the labor market.
Unemployment climbed 0.8 percentage points compared to the previous month to 4.3%, Office for National Statistics data showed, as a stagnant UK economy is dampened by higher interest rates and the living costs squeeze.