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The UK unemployment rate was unchanged at the start of the year, defying expectations of a slowdown, figures on Tuesday showed.
According to the Office for National Statistics, the UK jobless rate was 3.7% in the three months to January, unchanged from the three months to December.
The reading topped an FXStreet-cited market forecast of a slight rise in the unemployment rate to 3.8%.
This time last year, the jobless rate was 4.0%.
Vacancies during the three-month period fell by 51,100 to 1.2 million.
‘Vacancies fell on the quarter for the eighth consecutive period and reflects uncertainty across industries, as survey respondents continue to cite economic pressures as a factor in holding back on recruitment,’ the ONS said.
Annual growth in average total pay, including bonuses, was 5.7% and growth in regular pay, excluding bonuses, was 6.5%.
Total pay was in line with FXStreet-cited market consensus and slowed from 6.0%. Regular pay growth came in below consensus of 6.6% and slowed from 6.7% in the three months to December.
Pay growth is still outpaced by inflation. The UK annual inflation rate for January was 10.1%.
Total pay was down 3.2% in real terms, while regular pay was down 2.4%.
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