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The UK employment rate remained steady in the final three months of 2022, according to data from the Office of National Statistics on Tuesday, while average pay saw one of the biggest falls in real terms since records began.
The unemployment rate was 3.7% in the UK in the three months from October to December, unchanged from the September to November period.
The jobless rate was in line with market consensus cited by FXStreet.
Annual growth in average total pay, including bonuses, was 5.9%. Excluding bonuses, it was 6.7%. In September to November, annual growth in average total pay, including bonuses, and in regular pay, excluding bonuses, both were 6.4%.
This means pay continue to pay continued to lag inflation in the UK. Consumer prices rose by 10.5% in December from a year before.
The ONS said that growth in total and regular pay fell in real terms annually in October to December, by 3.1% for total pay and 2.5% for regular pay, when adjusted for inflation.
This is smaller than the record fall in real total pay in February to April 2009 of 4.5%, the ONS noted, but still remained among the largest falls in growth since comparable records began in 2001.
The UK employment rate in October to December was estimated at 75.6%, unchanged from September to November.
The most recent estimate of payrolled employees for January is 30.0 million, up 102,000 on the revised December figure.
By Heather Rydings, Alliance News senior economics reporter
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