The UK’s unemployment rate has risen to its highest point in nearly a year despite wage growth, according to official figures.
The Office for National Statistics (ONS) says the rate of UK unemployment has risen to 4.3% in this year’s first quarter, up from 4.2% last month and 3.8% in the previous quarter.
The rate is at it’s highest since last year’s May to July period.
The rate of available jobs also slowed, meaning more unemployed people are competing for the same jobs.
Liz McKeown, the Director of Economic Statistics at the ONS says:
“The steady decline in the number of job vacancies has continued for a twenty-second consecutive month, although numbers remain above pre-pandemic levels.”
But wages and pay rises are still strong, remaining at 6%. They were expected to slow to 5.9% between January and March.
The number of vacancies in February to April 2024 was 898,000, a decrease of 26,000 on the previous 3 months.
Down by 188,000 from a year before, although they remained 102,000 above their pre #COVID19 levels.
Read Vacancies and jobs in the UK ➡️ https://t.co/3tpa4qA7FO pic.twitter.com/hAWW222iYt
— Office for National Statistics (ONS) (@ONS) May 14, 2024
The rate of “economically inactive” people – those aged 16 to 64 who are neither working nor seeking employment decreased slightly to 22.1% in the first three months of 2024.
The recent rise in economic inactivity was mainly due to people not working because they were temporarily sick, long-term sick, or retired.
