UK jobs market cools despite strong wage growth

UK unemployment up to 4.4%

The UK unemployment rate rose to 4.4% as annual wage growth levels remained elevated for the February to April quarter, putting pressure on the Bank of England's possible interest rates path.

This was an increase on the 4.3% reported in the previous period and the highest reading since the three months to September 2021, according to the Office for National Statistics. It said: "This month's figures continue to show signs that the labour market may be cooling, with the number of vacancies still falling and unemployment rising, though earnings growth remains relatively strong." Fed rate cut 'off the table' as US economy adds 272,000 jobs The number of UK payrolled employees decreased by 36,000 (0.1%) between March and April 2024 but increased by 201,000 (0.7%) in the las...