UK Jobless Rate Lower Again in Mar

JAN-MAR LFS JOBLESS RATE 4.8% VS 4.9%

JAN-MAR AVG TOTAL EARNINGS +4.0% VS +4.5% PRIOR

JAN-MAR AVG EARNINGS EX-BONUS +4.6% VS +4.4% PRIOR

APR CLAIMANT COUNT DOWN 15,100 to 2,629,000

• The UK jobless rate ticked down to 4.8 in Mar, better than the expected unchanged reading of 4.9%.
• While the employment rate edged slightly up to 75.2% in Mar, the inactivity rate ticked up once again to 21.0%.
• More up-to-date PAYE data showed a m/m increase of 97,000 in the number of payrolled employees in Apr, the largest rise since the start of the pandemic as the economy is reopening. However, compared to Feb 2020, there were 772,000 fewer people in payrolled employment, and the largest falls have been recorded in the hospitality sector and among those under 25 and living in London.
• There were 657,000 vacancies in Feb 2021 to Apr 2021, 8.0% more than in the previous quarter. Especially the hospitality and entertainment sector saw an uptick in vacancies.
• The ONS noted that the lockdown in Q1 led to a rise in unemployed people who stopped looking for work and hence dropped out of the equation, helping the fall of the jobless rate.