ONS data hours before the Bank of England decision show May employment +2,000
versus economists' -23,000 forecast; April employment decline revised to -53,000
from -100,000. Three‑month unemployment to April eased to 4.9% and vacancies
fell to their lowest since early 2021. Weaker‑than‑expected UK inflation
yesterday and a US‑Iran ceasefire that helped push global energy prices sharply
lower have together cooled market pricing for further BoE hikes. Markets largely
expect the Bank Rate to be held at 3.75% later today.
