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United Kingdom Unemployment April 2023

United Kingdom: Labor market loses steam at outset of Q2

According to the ONS, in Q1 the unemployment rate registered 3.9%, up 0.1 percentage points from the previous rolling quarter. In April, employment fell by 136,000 from March, the first monthly fall since early 2021. Moreover, job vacancies fell in the three months to April, and nominal pay growth is tracking well below inflation.

These figures show that the labor market is seemingly losing momentum heading into Q2. That said, unemployment remains low by historical standards, and the experimental employment data for April should be treated with caution. Looking ahead, the labor market is set to slow further as higher interest rates take wind out of the economy’s sails, although the rise in the unemployment rate will be limited.

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