Commuters walk during the morning rush hour near the Bank of England in the City of London financial district in London, Britain, February 8, 2024. REUTERS/Toby Melville/File PhotoLONDON, April 16 - Britain's labour market lost a bit more of its inflationary heat, data showed on Tuesday, offering some relief to the Bank of England, but stubborn underlying problems continued with wage growth still high and more people dropping out of the workforce.
Yael Selfin, chief economist at KPMG UK, said the rise in the unemployment rate and the latest slowing of pay pressure suggested the labour market was generating less inflation. Growth in total pay, which includes more volatile bonus payments, was unchanged at 5.6%. The Reuters poll had pointed to a slight slowdown to 5.5%.
The number of people registered as long-term sick hit its highest since records began in 1993 at 2.83 million. Vacancies fell for the 21st time in a row in the three months to March, dropping by 13,000 from the October-to-December period and down by 204,000 on a year earlier at 916,000. But they remained 120,000 above their pre-COVID level.