UK Unemployment Rate Hits Five-Year High Amid Economic Slowdown

Kathmandu. The unemployment rate in the United Kingdom has reached its highest point in the last five years. According to the recently published three-month labor market report, the unemployment rate has climbed to 5.2 percent. During this period, approximately 1.883 million people were jobless.

The Office for National Statistics published these figures. During the same period, the employment rate stood at 75 percent, while about 20.8 percent of the population was found to be economically inactive, including students, those with chronic illnesses, and individuals discouraged from seeking work.

According to experts, the main reasons for the rise in unemployment are the increasing cost of living, sluggish economic growth, and a reduction in hiring by the private sector. The Bank of England has also expressed concern over the slowdown in the labor market. The central bank has warned that unemployment could rise further, signaling that the rate of job creation may remain weak in the coming months. It is analyzed that this situation could impact the country's overall economy, consumption capacity, and tax collection.