Friday, June 21, 2024

UK jobs market softens, despite strong wage growth

Must read

Britain’s labour market showed more signs of cooling in April as the unemployment rate rose, despite another month of strong wage growth, official data showed today.

The unemployment rate for the three months to April rose to 4.4% from 4.3% between January and March, the highest reading since the three months to September 2021, the Office for National Statistics said.

A Reuters poll of economists had pointed to an unchanged unemployment rate.

“This month’s figures continue to show signs that the labour market may be cooling, with the number of vacancies still falling and unemployment rising, though earnings growth remains relatively strong,” the ONS said.

British wages excluding bonuses – which are being watched by the Bank of England as it considers when to cut interest rates – grew by 6.0% in the three months to the end of April compared with the same period a year earlier.

Economists polled by Reuters had forecast wage growth of 6.1%.

Latest article