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Baner Club > Blog > Ecnomics > Despite an increase in unemployment, UK wages are still growing.
Ecnomics

Despite an increase in unemployment, UK wages are still growing.

While the UK unemployment rate reached its highest point in over a year, salary growth in the country remained robust.

Last updated: 2024/05/14 at 8:59 AM
Published May 14, 2024
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According to the Office for National Statistics (ONS), the unemployment rate rose to 4.3% between January and March of this year, the highest since May through July of the previous year.

Additionally, the pace of job openings decreased, increasing competition for available positions among the unemployed.

However, compensation increases (not including bonuses) stayed at 6%. It was anticipated that between January and March, it would decrease to 5.9%.

Wages increased by 2.4% when inflation, a gauge of rate of price increases, is taken into consideration. The ONS’s head of economic statistics, Liz McKeown, stated that “real pay growth remains at it highest level in well over two years”.

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