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UK unemployment ticked up in the three months to March, figures from the Office for National Statistics showed on Tuesday.
The UK jobless rate unexpectedly edged up to 3.9% for the three months to March. Market consensus, as cited by FXStreet, had expected it to remain unchanged from 3.8% in the three months to February.
‘The increase in unemployment was largely driven by people unemployed for over 12 months,’ ONS said.
In February to April, vacancies are estimated to have fallen by 47,000 on the quarter to 1.1 million.
‘Vacancies fell on the quarter for the 10th consecutive period and reflect uncertainty across industries, as survey respondents continue to cite economic pressures as a factor in holding back on recruitment,’ ONS explained.
In the three months to March, annual growth in average total pay, including bonuses, slowed to 5.8% from 5.9% in the previous three-month period. It still topped market consensus estimates of 5.1%, however.
Excluding bonuses, average earnings rose 6.7%, compared to 6.6% last month. This was below the consensus of 6.8%.
Both figures are still some way behind UK consumer inflation, which stood at 10.1% annually in March.
ONS also noted that 556,000 working days lost to strikes in March, up from 332,000 in February 2023.
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