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The UK unemployment rate unexpectedly ticked up in the three months to February, figures on Tuesday showed.
According to the Office for National Statistics, the UK jobless rate was 3.8% in the three months to February. This was higher than FXStreet-cited market consensus, which had expected the reading to remain unchanged from 3.7% in the three months to January.
‘The increase in unemployment was driven by people unemployed for up to six months,’ ONS explained.
In the period from January to March, vacancies fell by 47,000 on the quarter to 1.1 million.
‘Vacancies fell on the quarter for the ninth consecutive period and reflect uncertainty across industries, as survey respondents continue to cite economic pressures as a factor in holding back on recruitment,’ ONS commented.
In the three months to February, annual growth in average total pay, including bonuses, was 5.9%, unchanged from the upwardly revised figure in the three months to January. However, it was higher than the market consensus of 5.1%.
Excluding bonuses, average earnings rose 6.6%, also unchanged from the upwardly revised figure last month, and higher than the consensus of 6.2%.
‘Average regular pay growth for the private sector was 6.9% in December 2022 to February 2023 and 5.3% for the public sector. The difference between the private and public sector growth rates has narrowed in recent months,’ ONS said.
Both paces still trail UK consumer price inflation, which stood at 10.4% in February.
ONS also noted there were 348,000 working days lost to strikes during February, rising from 210,000 the month before. Three-fifths of the strikes occurred in the education sector, ONS said.
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