UK unemployment rate edges up as wage growth catches up with inflation

4.3% inflation rate

The UK unemployment rate edged up between May and July this year, while wage growth remained at record levels but stable.

According to figures by the Office for National Statistics, the unemployment rate for May to July 2023 increased by 0.5 percentage points on the quarter to 4.3%, up from 4.2% in the three months to June, while job vacancies fell to below a million.  At 7.8% during the period, annual growth in regular pay, excluding bonuses, matched the pace of inflation over the same period for the first time in nearly two years. "This means people's real pay is no longer falling," the ONS said.  The figure remained the same as the previous three month period and is the highest regular annual growth r...