UK unemployment rate falls to 4.9% and wages grow more than expected
Summary
The UK unemployment rate fell to 4.9% in the three months to April, and wages grew more than expected, especially when bonuses are included. However, businesses are cautious about hiring due to uncertainty caused by the war in the Middle East, leading to fewer job vacancies.Key Facts
- Unemployment dropped from 5% to 4.9% in the latest three-month period.
- Average wages excluding bonuses stayed at 3.4% growth, but including bonuses rose from 4.1% to 4.4%.
- Public sector wages increased by 4.8%, private sector wages by 3%.
- The Bank of England might keep interest rates at 3.75% despite these figures.
- Employers are hiring less permanent full-time staff and making more layoffs due to the war in the Middle East.
- Job vacancies fell by 19,000 to 707,000, the lowest in over five years.
- Falling oil prices linked to hopes for a peace deal could lower costs for businesses.
- The UK government says it is working on economic plans to support growth and stability amid global uncertainty.
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