Pantheon Macroeconomics chief UK economist Ashley Webb said a rise in June
unemployment shows the labor market is weakening and reduces the risk of
second‑round inflation, arguing the Bank of England is unlikely to push rates
above 3.75%. The three‑month unemployment rate to June rose to 4.9% from 4.8%
previously; the single‑month rate increased to 5.4% from 4.6%. Webb said the
readings portray a cooling jobs market.
