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UK wage growth remained strong even as the UK unemployment rate rose to its highest for almost a year.<\/b><\/p>\n
The jobless rate increased to 4.3% between January and March, the highest since May to July last year, the Office for National Statistics (ONS) said.<\/p>\n
The number of vacancies also slowed meaning more unemployed people are competing for the same jobs.<\/p>\n
But pay rises, excluding bonuses, remained at 6%. It had been expected to slow to 5.9% between January and March.<\/p>\n
Taking inflation – which measures the pace of price rises – into account, wages rose by 2.4%. Liz McKeown, director of economic statistics at the ONS, said that “real pay growth remains at it highest level in well over two years”.<\/p>\n
But she also said there were others “tentative signs” that the British jobs markets is “cooling”.<\/p>\n
Jobs on offer in the UK dropped by 26,000 to 898,000 vacancies between February and April. The total remains higher than pre-pandemic levels but Mr McKeown said: “With unemployment also increasing, the number of unemployed people per vacancy has continued to rise, approaching levels seen before the onset of Covid-19.”<\/p>\n
Chancellor Jeremy Hunt said wage rises would “help with the cost of living pressures on families”. <\/p>\n
He added: “While we are dealing with some challenges in our labour supply, including pandemic impacts, as our reforms on childcare, pensions tax reform and welfare come online I am confident we will start to increase the number of people in work.”<\/p>\n
But Labour’s acting shadow work and pensions secretary, Alison McGovern, said “these damning new figures prove that things are just getting worse”.<\/p>\n
She said: “It’s no wonder there are now a record number of people locked out of work due to long-term sickness, given NHS waiting lists are spiralling and the Tories have pushed our NHS to its knees.”<\/p>\n<\/div>\n
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