US EditionUK unemployment shows surprise fall to 4.9% as pay growth drops to lowest in five years
Inactivity rose 70,000 as vacancies fell to their lowest level in almost five years, the Office for National Statistics said.
- On Tuesday, the Office for National Statistics reported that British unemployment fell to 4.9% in the three months to February, down from 5.2% in the previous quarter.
- The ONS said the decline was driven by a rise in economic inactivity, particularly among students, which increased by 70,000 during the quarter.
- Regular wage growth slowed to 3.6% in the three months to February, down from 3.8% previously, while vacancies fell to their lowest level in five years, ONS director of economic statistics Liz McKeown said.
- New inflation pressures caused by rising energy prices due to the war in the Middle East have led economists to push back forecasts for when the Bank of England will likely resume cutting borrowing costs.
- Officials at the Bank suggest the weak economic backdrop will likely make it harder for workers to demand higher pay increases in response to the expected rise in inflation.
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36 Articles
Unemployment was below 5.2% expected for the period
UK unemployment down and economy growing... before Trump's war
There has been more unexpected good news for the British economy after a surprise fall in the UK unemployment. Official figures from the Office for National Statistics (ONS) show that the country’s unemployment rate fell to 4.9 per cent during the three months to February. This is down from 5.2 per cent and is the lowest level since last summer. The news comes just days after the UK economy grew faster than expected in January and February of th…
UK labour market cools by less than expected
Britain's labour market cooled only slightly in three months to February with earnings growth easing by less than forecast and the jobless rate falling unexpectedly although that drop reflected rising numbers of students not looking for work rather than rising employment.
UK jobless rate falls to 4.9% but rising claims, cooling wages signal labour market strain
UK unemployment fell to 4.9 per cent in the three months to February, beating expectations, but rising jobless claims and slowing hiring point to emerging pressures in the labour market
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