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”.
