UK

Unemployment rate increases while pay growth rises faster than expected

The UK’s unemployment rate ticked up to 3.8% in the three months to February, according to official figures that also highlighted a faster than expected spike in wage rises.

The Office for National Statistics (ONS) said the jobless rate rose from 3.7% due to a surge in the number of people unemployed for more than six months.

The rate rose despite part-time employees and self-employed workers driving an increase in the employment rate.

Total pay, including bonuses, grew at an annual rate of 5.9% in the three months to February.

That was up from the 5.7% measured the previous month and at a time when energy-driven inflation remained at a 40-year high above 10%.

The rate of inflation currently stands at 10.4%.

The pace of wage growth is a closely-watched measure as the cost of living crisis evolves – and not just for pinched consumers.

Articles You May Like

Oil prices little changed as U.S. moves to replenish reserve, Gaza cease-fire still uncertain
U.S. crude oil recovers losses after surprise stockpile decline
Microsoft signs deal with Swedish partner to remove 3.3 million metric tons of carbon dioxide
10 ways Velotric’s electric bikes are built differently: Deep-dive on the Discover 2
Saudi Aramco upholds dividend despite drop in first-quarter profits