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UK unemployment rate falls to 4.9% and wages grow more than expected
Average weekly earnings excluding bonuses held at 3.4% as payrolls rose by 2,000 and job vacancies fell to 707,000, official figures showed.
- The UK unemployment rate fell to 4.9% between February and April 2023, down from 5%, with 1.76 million people aged 16 and over out of work despite a rise in out-of-work benefit claims in May.
- Job vacancies decreased by 19,000 to 707,000, the lowest level since April 2021, with notable declines in retail, hospitality, and professional services sectors.
- Average wage growth remained steady at 3.4% , with private sector wage growth slowing and public sector growth affected by pay award timings.
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Annual wage growth, excluding bonuses, remained at 3.4%, unchanged from the previous period
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Unemployment Dips to 4.9% as Private Sector Pay Growth Sinks
According to the ONS, unemployment unexpectedly dipped to 4.9% in the three months to April. Slightly down from 5%… The ‘good’ news for the Treasury ends there. New recruits joining payrolls have fallen to their lowest level in five years, vacancies continue to decline, and private sector wage growth has slowed to its weakest pace…
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Coverage Details
Total News Sources21
Leaning Left4Leaning Right4Center8Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 25%
C 50%
R 25%
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