The unemployment rate in the U.K. rose slightly in the three months to June, although the country’s labor market remained tight.
The U.K.’s unemployment rate stood at 3.8% in the three months through June, up from 3.7% in the preceding three-month period, according to data from the Office for National Statistics published Tuesday.
Employment continued to increase, with the number of payrolled employees rising by 73,000 in July to a record total of 29.7 million.
“Although the number of job vacancies remains historically very high, it fell for the first time since the summer of 2020,” the ONS said.
Job vacancies posted the first quarterly fall since June to August 2020, declining from May to July to 1.27 million, a decrease of 19,800 from the previous three months.
Wage growth remained elevated. Average weekly earnings in the three months to June excluding bonuses rose 4.7% on year, accelerating from the revised 4.4% increase registered in the preceding three-month period. Adjusted for inflation, earnings without bonuses decreased a record 3.0%.
The real value of pay continues to fall, the ONS said. “Excluding bonuses, it is still dropping faster than at any time since comparable records began in 2001,” said Darren Morgan, director of economic statistics at ONS.
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