"The UK unemployment rate fell from 5.2% to 4.9%, driven more by increased economic inactivity, particularly as fewer students sought work."
"Average weekly earnings growth, excluding bonuses, slowed to 3.6%, marking the weakest pace in over five years, indicating constrained wage growth."
"With the unemployment rate still relatively elevated, the scope for workers to secure pay increases sufficient to protect real incomes appears increasingly constrained."
"Preliminary payroll data for March shows a decline of 11,000, suggesting that employers are responding to rising energy costs by holding back on hiring."
The UK unemployment rate fell to 4.9% in the three months to February, with total employment rising by 24,000. The decline in unemployment was largely due to increased economic inactivity, particularly among students. Average weekly earnings growth, excluding bonuses, slowed to 3.6%, the lowest in over five years. With the unemployment rate still high and firms facing strong wage growth, the potential for significant pay increases to protect real incomes is limited. Preliminary payroll data for March indicates a decline of 11,000, suggesting further softening in hiring due to rising energy costs.
Read at London Business News | Londonlovesbusiness.com
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