UK unemployment rate unexpectedly ticks higher
Sharecast
Published May 16, 2023 08:50
UK unemployment rate unexpectedly ticks higher
Sharecast - The unemployment rate rose to 3.9% from 3.8% a month earlier, versus expectations for it to be unchanged. The increase was largely driven by people unemployed for over 12 months, the ONS said.
In February to April, the number of vacancies is estimated to have fallen by 55,000 on the quarter to 1.083m. The ONS noted that vacancies fell for the 10th consecutive period, reflecting "uncertainty across industries, as survey respondents continue to cite economic pressures as a factor in holding back on recruitment".
The data also showed that growth in average total pay including bonuses was 5.8% and growth in regular pay excluding bonuses was 6.7% in January to March.
Average regular pay growth for the private sector was 7.0% and for the public sector was 5.6% in January to March.
Darren Morgan, director of economic statistics at the ONS, said: "Employment and unemployment both rose again in the first three months of 2023, driven in particular by men. This means the number of those neither working nor looking for work continues to fall, although the number of people not working due to long-term sickness rose again, to a new record.
"However, the number of people on employers’ payrolls fell in April for the first time in over two years, though this is an early estimate that could be revised later.
"Despite continued growth in pay, people’s average earnings are still being outstripped by rising prices.
"The number of days lost to strikes rose again in March, with education and health making up four-fifths of the total this month."
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