london skyline

United Kingdom Unemployment May 2019

United Kingdom: Labor market remains robust in March-May

In the March-May period, the unemployment rate remained at a multi-decade low of 3.8%, while nominal earnings growth excluding bonuses picked up to 3.6% from 3.4% in the prior rolling quarter. Earnings growth was likely supported in part by an increase in the minimum wage from April. That said, there were signs of a loss of momentum: employment growth undershot expectations, while the employment rate dipped—the first quarterly decrease in close to one year—and the number of job vacancies continued to ebb.

Looking ahead, the labor market should remain a source of strength, although Brexit uncertainty could keep a lid on hiring in the coming months. Our panelists see unemployment ticking up slightly from its current level, but staying low by historical standards, while nominal wage growth should continue to comfortably outpace inflation; in its May Inflation Report, the Bank of England penciled in 3% growth in total pay for 2019.

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest