The ONS today estimated that the unemployment rate remained unchanged at 4.2 per cent, in line with expectations, but experts have raised concerns over the reliability of the data.įalling response rates to its flagship Labour Force Survey have forced the ONS to instead publish “experimental” figures on unemployment levels for the last two months, which makes it more difficult for the Bank to assess how high interest rates are impacting the economy. “The answer is a resounding no, and taking a look at market expectation, another no-change decision looks almost nailed on.”įollowing its last meeting in November, the central bank suggested that unemployment would have to go higher than expected to bring down wage growth.
