UK unemployment rate ticks higher
By Michele Maatouk
Date: Tuesday 18 Apr 2023
(Sharecast News) - The UK unemployment rate ticked higher in the three months to February, according to figures released on Tuesday by the Office for National Statistics.
The unemployment rate nudged 0.1 percentage points higher to 3.8%. This was driven by people unemployed for up to six months, the ONS said. Analysts had been expecting the rate to be steady.
Meanwhile, the employment rate came in at 75.8%, up 0.2 percentage points on the previous three-month period. The ONS put this down to part-time employees and self-employed workers.
The economic inactivity rate fell 0.4 percentage points on the quarter to 21.1%, mostly driven by people aged 16 to 24 years. "Looking at economic inactivity by reason, the quarterly decrease was largely driven by people inactive because they are students," the ONS said.
The data also showed that the number of vacancies fell by 47,000 on the quarter to 1,105,000. This was the ninth consecutive decline and reflects "uncertainty across industries, as survey respondents continue to cite economic pressures as a factor in holding back on recruitment," the ONS said.
The ONS said growth in regular pay excluding bonuses was 6.6% in December to February, while growth in total pay including bonuses was 5.9%. In real terms, however, regular pay fell by 2.3% and total pay was 3% lower.
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