Unemployment rate surges to highest since 2021 as wage growth eases sharply
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Unemployment up and vacancies down as firms stop replacing leavers
- The UK's unemployment rate rose to 4.6 per cent in the three months to April, the highest level in almost four years, according to the Office for National Statistics (ONS).
- Average regular earnings growth slowed to 5.2 per cent in the three months to April, down from 5.5 per cent in the previous period and below expectations.
- Wage growth continues to outpace inflation, with real wages up 2.1 per cent when accounting for the Consumer Prices Index.
- Vacancies decreased by 63,000 to 736,000 in the three months to May, and payroll data showed a drop of 109,000 in the last month.
- The figures coincide with firms facing increased national insurance contributions in April.