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MNI (London)
By Jai Lakhani, Laurie Laird, Jamie Satchithanantham
     LONDON (MNI) - The following are the key points from the Office for
National Statistics' UK labour market data release for May.
     - The jobs market continues to confound economists, including those at the
Bank of England, as strong employment growth is failing to translate into a
long-awaited acceleration in wages.
     - Employment rose by a much-higher-than-expected 137,000, but total
earnings growth slipped to an annual rate of 2.5% in the three months to May,
the joint-slowest pace since November.
     - Yet again, a high level of vacancies has failed to materially lift wage
growth. Vacancies rose by 7,000 in the three months to May to 824,000, the
highest since records began in 2001.
     - Employers have not had to resort to increasing bonus payments to lure
additional staff. Bonuses fell by 0.8% on the year and rose by only 0.2% in the
three months to May, the weakest growth since the three months to October 2016.
     - Vacancies appear to be being filled by the previously economically
inactive. Inactivity fell by 86,000 to a joint-record-low of 21% of the
workforce. More than half of those returning to work had been looking after
family/home, as noted by MNI analysis.
--MNI London Bureau; tel: +44 203-586-2225; email:
--MNI London Bureau; +44 207-862-7489; email:
MNI London Bureau | +44 203-865-3812 |

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