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.