United Kingdom: Labor market performs strongly in early 2022
According to the ONS, in November–January the unemployment rate registered 3.9%, down 0.2 percentage points from the previous rolling quarter. Experimental data for February showed that employment rose by 275,000 from January, while job vacancies set a new record high in the three months to February. That said, real wages were broadly flat in the three months to January amid high inflation.
On the latest reading, analysts at Goldman Sachs commented:
“The continued labour market strength reinforces our assessment that there has been limited disruption from the end of the furlough scheme on 30 September. Today’s data is consistent with the recent data flow in the UK, which pointed to strong growth momentum, a tight labour market and elevated wage growth prior to the war in Ukraine.”