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2h ago

UK Unemployment Climbs to 4.8% as Vacancies Decline and Wage Growth Eases

ONS data indicate a softer jobs market with tentative stabilisation.

People walk past the Bank of England in London's financial district, London, Britain, 17 July 2023. REUTERS/Rachel Adams
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Wage growth in the private sector slowed to 4.4% in the three months through August, the lowest since the end of 2021 and below expectations.
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Overview

  • UK unemployment rose to 4.8% in the three months to August, the highest since 2021.
  • Job vacancies fell by 9,000 to 717,000, extending a run of 39 consecutive quarterly declines.
  • Regular pay growth slowed to 4.7%, with private sector at 4.4% and public sector at 6.0%.
  • Payrolled employees were revised up by 10,000 in August, but an early estimate points to a 10,000 fall in September and roughly 93,000 fewer than a year earlier.
  • The May–July earnings measure was revised to 4.8%, implying a similar state‑pension uplift next April, as the ONS flags survey limitations and says the downturn is starting to level off with record over‑65s in work and most of the jobless rise among younger people.