Labour market robust as jobless rate falls to 4.3%

Theresa May will seize upon the figures as good news for the UK economy

Theresa May will seize upon the figures as good news for the UK economy

The UK unemployment rate remained unchanged at the lowest level since 1975, the Office for National Statistics showed Tuesday.

Average earnings nationally increased by 2.6 per cent in the year to March, down by 0.2 per cent on the previous month, but 0.2 per cent up on a year ago. That means they outstripped CPI inflation for March which stood at 2.5 per cent.

However, the TUC said the ONS figures show that real wage growth is still weak at just 0.4 percent. It should be the key to unlocking a return to monetary normality'.

The jobless rate now stands at 4.3%, which is slightly above the United Kingdom figure of 4.2%. However, the reality is that without adding more people to the potential workforce, the pace of job generation will slow and could cause an already tight labour market to burst'.

"The growth in employment is still being driven by United Kingdom nationals, with a slight drop over the past year in the number of foreign workers".


Sinclair argues that thousands of United Kingdom employers are still betting on continuing economic growth and are trying to hire.

Separate figures out today showed that 870,000 people are now on Universal Credit as the rollout of the new benefit continues.

Esther McVey, the secretary of state for work and pensions, said: "Since 2010 we have seen more than 3.2 million people move into work right across the UK". It's important to remember, though, that this isn't a measure of migration.

"Growth in total pay remains in line with inflation, meaning real earnings are flat on the year". "Today's figures once again cement that turnaround, with on average over 1,000 people each and every day since 2010 getting a job".

British employers have hired many more employees that were expected during the early part of 2018, but growth in wages has not yet accelerated, according to new figures released leaving the Bank of England waiting for any signs the economy can handle an increase in interest rates.

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