Economic Buzz: UK unemployment declines while wage growth moderates

The United Kingdom?s unemployment rate declined to 4.9% in the three months to February, compared to market expectations of 5.2%, according to official data. However, the decrease was partly driven by an increase in the number of individuals classified as economically inactive, who are not included in unemployment figures.

Data from the Office for National Statistics showed that annual wage growth slowed to 3.6% over the December?February period, marking the weakest pace in more than five years, although it remains above the rate of inflation.

Additionally, payrolled employment decreased by 11,000 in March. Job vacancies also declined to 711,000 during the January?March period, reaching their lowest level in nearly five years, indicating a gradual softening in labour market conditions.

Powered by Commodity Insights