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MNI BRIEF: Further Signs UK Labour Market Tightness Easing

(MNI) London

The UK unemployment rose in the three months to March and overall vacancies fell again to the lowest level since August 2021, data released Tuesday by the Office for National Statistics showed. Unemployment rose to 3.9%, despite the employment level of 16 to 64 year olds edging up to 75.9%.

Although still well above pre-pandemic levels, closely watched overall vacancies in the economy fell to 1.083 million. The more timely HMRC payrolls data saw the number of employed people fall by 136,000 in the April.

“The number of people on employers’ payrolls fell in April for the first time in over two years, though this is an early estimate that could be revised later," ONS director of economic statistics Darren Morgan said.

With modest growth in nominal wages again seen, Bank of England policymakers will see the data as further evidence that the labour market is cooling, but perhaps at a slower pace than they would like.

MNI London Bureau | +44 203-865-3812 |
MNI London Bureau | +44 203-865-3812 |

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