UK wages increase, while employment growth wanes
British wages in the three months to April outpaced forecasts, while employment growth slows, according to recent pay data.
UK pay outpaced forecasts in the three months to April, with new hire rates slowing, helping to keep unemployment rates at its lowest level since 1975, according to data from the Office of National Statistics (ONS) on Tuesday.
The data showed that total earnings, including bonuses, increased by 3.1% before adjusting for inflation, compared with the same period a year prior.
‘Overall, the labour market continues to be strong,’ ONS statistician Matt Hughes said.
UK employment remains highest on record
The UK employment rate was estimated at 76.1%, higher than a year earlier (75.6%) and the joint-highest on record.
The UK unemployment rate was estimated at 3.8%; it has not been lower since October to December 1974.
For February to April 2019, an estimated 1.30 million people were unemployed, 112,000 fewer than a year earlier and 857,000 fewer than five years earlier.
The UK labour market remains strong despite Brexit turmoil
The ONS data depicts a UK labour market that has remained strong in the face of political and economic uncertainty.
British wage growth and employment rates have remained relatively robust since the UK voted to leave the EU back in June 2016.
Official data showed that the UK economy shrank by 0.4% in April, its biggest monthly drop since 2016.
IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.
The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. Please see important Research Disclaimer.
Please also note that the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.
European Central Bank meeting
Learn about how the ECB meeting affects interest rates and price stability ahead of the next announcement.
- How might the next meeting affect the markets?
- What are the key rate decisions to watch?
- Why is the Governing Council announcement important for traders?
Live prices on most popular markets
- Forex
- Shares
- Indices
See more forex live prices
See more shares live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
See more indices live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.
