The rate of UK unemployment rose to 4.2% in the three months to February from 3.9% in the previous three months, the Office for National Statistics has said
The Office for National Statistics said there are “tentative signs that the jobs market is beginning to cool”.
Meanwhile the UK’s average regular earnings growth eased back to 6% in the three months to February and lifted 2.1% after taking Consumer Prices Index inflation into account
Commenting on the figures Ben Harrison Director at the Work Foundation at Lancaster University said
“Although the ONS advises caution due to increased volatility in their data, today’s statistics suggest it is too early to talk about the UK economy turning a corner.
“Our workforce is sicker and poorer as economic inactivity has risen further to 9.4 million, and unemployment has risen to 4.2%, which is up on the latest quarter and 0.3 percentage points higher than this time last year.
On the wage figures he adds
Average regular wages grew by 6% on the year. With inflation falling below 4%, this represents a 1.9% real pay rise for workers and the ninth consecutive month that real pay for workers has risen. However, pay growth in construction is lagging behind inflation at 3.1%.
“The UK is still in an 18 year pay squeeze with the OBR predicting real wages won’t return to 2008 levels until 2026. This squeeze impacts the 6.8 million people in severely insecure jobs most, who are particularly vulnerable to living cost increases.”
