UK unemployment rate rises slightly to 4.4 percent as job vacancies, wage growth show mixed signs
Date
6/12/2024 6:18:24 AM
(MENAFN) The unemployment rate in Britain edged up to 4.4 percent during the three months ending in April, compared to 4.3 percent at the end of March. This marks a continuing upward trend since the end of 2023. The National Bureau of Statistics, in its latest monthly labor market report released on Tuesday, noted that "the unemployment rate has risen in general" since the latter half of 2022, despite a decline observed in the second half of last year. This current rate is notably higher than the 3.8 percent recorded at the close of 2023, highlighting a gradual increase in unemployment.
Conversely, the period between March and May saw a rise in the number of job vacancies, reaching 904,000 by the end of April. This increase, reported in separate data from the Office for National Statistics, indicates that numerous companies are actively seeking employees but are struggling to fill positions. This persistent demand for labor juxtaposed with rising unemployment presents a complex picture of the labor market.
Salary growth, excluding bonuses, remained steady at 6 percent during the three months ending in late April. However, the rise in real earnings, which accounts for inflation, accelerated to 2.9 percent. This data is critical for the Bank of England, which has kept key interest rates at 5.25 percent for several months in an effort to bring inflation back down to its 2 percent target. The mixed signals from the labor market and wage growth may influence the Bank's decisions in the coming weeks or months, potentially easing some of the monetary pressures.
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