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UK unemployment rate ticks up to 5% and wage growth slows
Regular pay growth slowed to 3.4% as payrolls fell by 100,000 and vacancies dropped to 705,000, the ONS said.
- Britain's unemployment rate rose to 5% in the three months to March, up from 4.9%, according to the Office for National Statistics . Regular earnings growth slowed to 3.4% in the first quarter.
- Following a sharp pullback in hiring, payrolls fell by 100,000 in April, the largest drop since May 2020. Job vacancies slumped by 28,000 to 705,000, the lowest level in five years.
- Liz McKeown, ONS director of economic statistics, said the labour market "remains soft," with hospitality and retail sectors seeing the largest declines. McKeown noted early figures "carry greater uncertainty and have often seen larger than average upward revisions."
- Suren Thiru, chief economist for ICAEW, cited "growing distress within the UK's labour market." Richard Carter of Quilter Cheviot warned falling payroll numbers could continue "for some time" as consumer demand weakens.
- Today's figures capture only the initial effects of the Iran conflict, with full impacts on consumer demand expected to emerge in coming months. Policymakers will monitor ONS revisions, as adjustments could materially alter labour market interpretations.
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18 Articles
18 Articles
Coverage Details
Total News Sources18
Leaning Left4Leaning Right3Center4Last UpdatedBias Distribution37% Left, 36% Center
Bias Distribution
- 37% of the sources lean Left, 36% of the sources are Center
37% Left
L 37%
C 36%
R 27%
Factuality
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