UK unemployment rate stable, wage growth slows
By Michele Maatouk
Date: Tuesday 14 Mar 2023
(Sharecast News) - The UK unemployment rate was steady in the three months to January, while wage growth slowed for the first time in more than a year, according to data released on Tuesday by the Office for National Statistics.
The rate was stable on the quarter at 3.7%, versus economists' expectations for a slight uptick to 3.8%.
Average earnings growth excluding bonuses fell to 6.5% from a year earlier, from 6.7% in the previous three-month period.
The figures also revealed that the economic inactivity rate declined by 0.2 percentage points on the quarter to 21.3%. The ONS said the drop was driven by people aged 16 to 24 years.
Meanwhile, the number of working days lost to strike action was 220,000 in January, down from 822,000 in December 2022.
Darren Morgan, director of economic statistics at the ONS, said: "The number of working days lost to strikes fell in January from the very high level seen in December. Nevertheless, many days were still lost, with education the most affected sector."
In December 2022 to February 2023, the number of job vacancies fell by 51,000 on the quarter to 1.22m. This was the eighth consecutive decline and the ONS said it reflects "uncertainty across industries", with survey respondents citing economic pressures as a factor in holding back recruitment.
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