AWE Growth Slows to lowest since Nov; Jobs..>

UK DATA: AWE Growth Slows to lowest since Nov; Jobs Mkt Tightens Further  

--Feb-Apr Employment Level Up 146,000; Jobless Rate Steady at 4.2%    

--Feb-Apr Total Earnings +2.5% 3m y/y Vs +2.6% Jan-Mar

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Headline earnings growth slowed to 2.5% 3m y/y in the 3m to April, 

the lowest pace of growth since the 3m to Nov 17, driven by weaker core 

wage growth. Core earnings growth dipped 0.1pp to 2.8% 3m y/y, offseting 

a modest single month growth in bonus payments, to pull down on the 

headline measure. Zooming out, the labour market continues to tighten. A 

solid 146k rise in employment, a 38k fall in the jobless count and a 72k 

fall in the inactivity all meant that to two decimal places the jobless 

rate fell to 4.19%. The 146,000 employment rise was driven by a 86k 

rise in the 50-64 year old cohort, while the 25-34 cohort failed to 

record any growth in the 3m to April.