UK unemployment hits 4.7%, wage growth slows to 5%, signaling economic concerns.

UK unemployment rose to 4.7% in the three months to May, the highest since June 2021, while wage growth slowed to 5%, its lowest in almost three years. The Office for National Statistics (ONS) reported a decline in job vacancies by 56,000 to 727,000 from the previous quarter. The Bank of England is prepared to cut interest rates further if the job market continues to weaken.