Britain’s unemployment rate has risen by more than expected and earnings growth has eased back once again in the latest sign that economic uncertainty is affecting the UK jobs market.
Thanks to falling inflation, when taking the Consumer Prices Index into account, real regular wages rose by 2.1%, which is the highest for almost two-and-a-half years.Experts said the weaker-than-expected employment figures reinforce the case for the Bank of England to cut interest rates, possibly as early as June.
This is the biggest drop since the quarter to November 2020 at the height of the pandemic, although the figures are estimates and subject to revision. The data comes after the UK fell into recession at the end of last year, although it is thought this may prove short-lived, with recent output data suggesting the economy is heading for growth overall in the first quarter.But the ONS warned that the unemployment rate data should still be treated with “caution” as it continues to overhaul its labour force survey due to low response rates, with the full revamped version not due to be introduced until September.
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