ONS: UK unemployment rate rises to 3.9% – what does this mean for interest rates?

The number of payrolled employees decreased in April for the first time since 2021 according to the ONS.

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(Image credit: © Getty Images)

UK unemployment crept up in the first three months of 2023, data from the Office for National Statistics showed.

The number of payrolled employees in April also decreased for the first time since February 2021, reflecting a “triple whammy of credit tightening, rising interest rates and rampant inflation”, said Myron Jobson, senior personal finance analyst at interactive investor.

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Nic studied for a BA in journalism at Cardiff University, and has an MA in magazine journalism from City University. She has previously worked for MoneyWeek.