Call us today at 020 7096 0662 or Email us at
Wage growth slows, but UK keeps creating jobs
Basic pay growth slowed to 2.8% per year in the three months to April, the latest labour market report shows. That’s down from 2.9% a month ago, suggesting that wage growth is faltering.
Total pay growth (including bonuses) also slowed, to 2.5% from 2.6%.
The unemployment rate, though, remains at just 4.2% - its lowest level in 43 years. And the economy continued to create jobs -- 146,000 new workers were taken on in the last quarter, down from 197,000 in the January-March quarter.
The ONS says:
There were 32.39 million people in work, 146,000 more than for November 2017 to January 2018 and 440,000 more than for a year earlier.
The employment rate (the proportion of people aged from 16 to 64 years who were in work) was 75.6%, higher than for a year earlier (74.8%) and the joint highest since comparable records began in 1971.
There were 1.42 million unemployed people (people not in work but seeking and available to work), 38,000 fewer than for November 2017 to January 2018 and 115,000 fewer than for a year earlier.