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United Kingdom Labor Market March 2022

United Kingdom: Labor market performs strongly heading into Q2, although inflation is hurting real wages

According to the ONS, in January–March the unemployment rate registered 3.7%, down 0.1 percentage points from the previous rolling quarter and below its pre-pandemic level, while job vacancies set a new record high in the three months to April. Moreover, employment rose by 121,000 in April from March. That said, regular pay fell in real terms in the three months to March due to surging inflation.

Looking forward, unemployment is forecast to remain low by historical standards, although rising inflation will likely continue to eat into wages and tame consumer spending.

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