{"id":758,"date":"2023-02-14T10:33:13","date_gmt":"2023-02-14T15:33:13","guid":{"rendered":"https:\/\/embarrdowns.com\/uk-unemployment-unchanged-wage-growth-higher-than-expected-in-latest-jobs-report\/"},"modified":"2023-02-14T10:33:13","modified_gmt":"2023-02-14T15:33:13","slug":"uk-unemployment-unchanged-wage-growth-higher-than-expected-in-latest-jobs-report","status":"publish","type":"post","link":"https:\/\/embarrdowns.com\/uk-unemployment-unchanged-wage-growth-higher-than-expected-in-latest-jobs-report\/","title":{"rendered":"UK Unemployment Unchanged, Wage Growth Higher than Expected in Latest Jobs Report"},"content":{"rendered":"

The UK unemployment rate remained unchanged at 3.7% in the three months to December 2022, according to data from the Office for National Statistics (ONS).[0]<\/a><\/sup> The number of people in work in the UK rose by 74,000 in the three months to December, well-above market forecasts of a 40,000 increase, and following a 27,000 rise in the previous month.[1]<\/a><\/sup><\/p>\n

Average regular pay growth for the private sector was 7.3% in October to December 2022, and 4.2% for the public sector.[2]<\/a><\/sup> However, when adjusted for inflation, total and regular pay fell by 3.1% and 2.5% respectively, one of the largest falls since records began in 2001.[3]<\/a><\/sup><\/p>\n

The estimated number of vacancies fell by 76,000 \u2013 the seventh consecutive fall, the ONS said, reflecting economic pressures and uncertainty holding firms back on recruitment.[4]<\/a><\/sup> Meanwhile, 843,000 working days were lost to strikes in December, the highest number since 2011.[5]<\/a><\/sup><\/p>\n

Jane Gratton, head of people policy at the British Chambers of Commerce (BCC), said: \u201cBusinesses are crying out for people to fill job vacancies at all skill levels, and this must be the number one focus for Government if it\u2019s serious about economic growth.\u201d[6]<\/a><\/sup><\/p>\n

Jeremy Hunt, the Chancellor, asserted that the most effective way to increase people’s wages is to remain on course to reduce inflation by half in the current year.[4]<\/a><\/sup><\/p>\n

Darren Morgan, director of economic statistics at the ONS said: “The last quarter of 2022 saw fewer people remaining outside the labour market altogether, with some moving straight back into a job and others starting to seek work again.”[0]<\/a><\/sup> He also noted a sharp increase in the number of working days lost to strikes in December, with transport and communications “the most heavily affected area”.[6]<\/a><\/sup><\/p>\n

Overall, while the UK unemployment rate remained unchanged, wage growth came in higher than expected in the latest jobs report, although in real terms, pay has declined.[4]<\/a><\/sup> Economic pressures and uncertainty are still leading firms to hold back on recruitment, and this is reflected in the decline in job vacancies.[7]<\/a><\/sup> To ensure economic growth, the focus needs to be on creating more job opportunities for people of all skill levels.<\/p>\n

0. <\/span>“Millions of workers hit by pay cut as real wages fall 3.1% and unemployment remains low \u2013 what it means f…” The Sun, 14 Feb. 2023, https:\/\/www.thesun.co.uk\/money\/21372556\/pay-cut-millions-workers-real-wages-fall-unemployment-rises<\/a><\/a><\/p>\n

1. <\/span>“Breaking News: GBP\/USD Bounces as UK Unemployment Rate Holds Firm” DailyFX, 14 Feb. 2023, https:\/\/www.dailyfx.com\/news\/forex-breaking-news-gbp-usd-bounces-as-uk-unemployment-rate-holds-firm-20230214.html<\/a><\/a><\/p>\n

2. <\/span>“ONS: Private sector wages grow faster than expected” MoneyWeek, 14 Feb. 2023, https:\/\/moneyweek.com\/economy\/uk-economy\/605699\/ons-private-sector-wages-grow-faster-than-expected<\/a><\/a><\/p>\n

3. <\/span>“UK pay growth may have picked up again but real earnings tell a different story” ForexLive, 14 Feb. 2023, https:\/\/www.forexlive.com\/news\/uk-pay-growth-may-have-picked-up-again-but-real-earnings-tell-a-different-story-20230214\/<\/a><\/a><\/p>\n

4. <\/span>“Wage growth surges to near-record levels as signs point to cooling jobs market” NewsChain, 14 Feb. 2023, https:\/\/www.newschainonline.com\/news\/financial-news\/wage-growth-surges-to-near-record-levels-as-signs-point-to-cooling-jobs-market-320323<\/a><\/a><\/p>\n

5. <\/span>“UK Wages Rise More Than Expected in Added Sign of Inflation” Yahoo News, 14 Feb. 2023, https:\/\/news.yahoo.com\/uk-wages-rise-more-expected-075918419.html<\/a><\/a><\/p>\n

6. <\/span>“Wages of British workers up 6.7% as tight labor market persists” UPI News, 14 Feb. 2023, https:\/\/www.upi.com\/Top_News\/World-News\/2023\/02\/14\/Wages-Rise-Amid-Tight-Labor-Market\/9101676365760<\/a><\/a><\/p>\n

7. <\/span>“UK Jobless Rate Remains Stable, Wage Growth Exceeds Expectations” RTTNews, 14 Feb. 2023, https:\/\/www.rttnews.com\/3343879\/uk-jobless-rate-remains-stable-wage-growth-exceeds-expectations.aspx<\/a><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The UK unemployment rate remained unchanged at 3.7% in the three months to December 2022, according to data from the Office for National Statistics (ONS).[0]<\/a><\/sup> The number of people in work in the UK rose by 74,000 in the three months to December, well-above market forecasts of a 40,000 increase, and following a 27,000 rise in the previous month.[1]<\/a><\/sup><\/p>\n

Average regular pay growth for the private sector was 7.3% in October to December 2022, and 4.2% for the public sector.[2]<\/a><\/sup> However, when adjusted for inflation, total and regular pay fell by 3.1% and 2.5% respectively, one of the largest falls since records began in 2001.[3]<\/a><\/sup><\/p>\n

The estimated number of vacancies fell by 76,000 \u2013 the seventh consecutive fall, the ONS said, reflecting economic pressures and uncertainty holding firms back on recruitment.[4]<\/a><\/sup> Meanwhile, 843,000 working days were lost to strikes in December, the highest number since 2011.[5]<\/a><\/sup><\/p>\n

Jane Gratton, head of people policy at the British Chambers of Commerce (BCC), said: \u201cBusinesses are crying out for people to fill job vacancies at all skill levels, and this must be the number one focus for Government if it\u2019s serious about economic growth.\u201d[6]<\/a><\/sup><\/p>\n

Jeremy Hunt, the Chancellor, asserted that the most effective way to increase people’s wages is to remain on course to reduce inflation by half in the current year.[4]<\/a><\/sup><\/p>\n

Darren Morgan, director of economic statistics at the ONS said: “The last quarter of 2022 saw fewer people remaining outside the labour market altogether, with some moving straight back into a job and others starting to seek work again.”[0]<\/a><\/sup> He also noted a sharp increase in the number of working days lost to strikes in December, with transport and communications “the most heavily affected area”.[6]<\/a><\/sup><\/p>\n

Overall, while the UK unemployment rate remained unchanged, wage growth came in higher than expected in the latest jobs report, although in real terms, pay has declined.[4]<\/a><\/sup> Economic pressures and uncertainty are still leading firms to hold back on recruitment, and this is reflected in the decline in job vacancies.[7]<\/a><\/sup> To ensure economic growth, the focus needs to be on creating more job opportunities for people of all skill levels.<\/p>\n

0. <\/span>“Millions of workers hit by pay cut as real wages fall 3.1% and unemployment remains low \u2013 what it means f…” The Sun, 14 Feb. 2023, https:\/\/www.thesun.co.uk\/money\/21372556\/pay-cut-millions-workers-real-wages-fall-unemployment-rises<\/a><\/a><\/p>\n

1. <\/span>“Breaking News: GBP\/USD Bounces as UK Unemployment Rate Holds Firm” DailyFX, 14 Feb. 2023, https:\/\/www.dailyfx.com\/news\/forex-breaking-news-gbp-usd-bounces-as-uk-unemployment-rate-holds-firm-20230214.html<\/a><\/a><\/p>\n

2. <\/span>“ONS: Private sector wages grow faster than expected” MoneyWeek, 14 Feb. 2023, https:\/\/moneyweek.com\/economy\/uk-economy\/605699\/ons-private-sector-wages-grow-faster-than-expected<\/a><\/a><\/p>\n

3. <\/span>“UK pay growth may have picked up again but real earnings tell a different story” ForexLive, 14 Feb. 2023, https:\/\/www.forexlive.com\/news\/uk-pay-growth-may-have-picked-up-again-but-real-earnings-tell-a-different-story-20230214\/<\/a><\/a><\/p>\n

4. <\/span>“Wage growth surges to near-record levels as signs point to cooling jobs market” NewsChain, 14 Feb. 2023, https:\/\/www.newschainonline.com\/news\/financial-news\/wage-growth-surges-to-near-record-levels-as-signs-point-to-cooling-jobs-market-320323<\/a><\/a><\/p>\n

5. <\/span>“UK Wages Rise More Than Expected in Added Sign of Inflation” Yahoo News, 14 Feb. 2023, https:\/\/news.yahoo.com\/uk-wages-rise-more-expected-075918419.html<\/a><\/a><\/p>\n

6. <\/span>“Wages of British workers up 6.7% as tight labor market persists” UPI News, 14 Feb. 2023, https:\/\/www.upi.com\/Top_News\/World-News\/2023\/02\/14\/Wages-Rise-Amid-Tight-Labor-Market\/9101676365760<\/a><\/a><\/p>\n

7. <\/span>“UK Jobless Rate Remains Stable, Wage Growth Exceeds Expectations” RTTNews, 14 Feb. 2023, https:\/\/www.rttnews.com\/3343879\/uk-jobless-rate-remains-stable-wage-growth-exceeds-expectations.aspx<\/a><\/a><\/p>\n","protected":false},"author":3,"featured_media":757,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47],"tags":[],"_links":{"self":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/posts\/758"}],"collection":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/comments?post=758"}],"version-history":[{"count":0,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/posts\/758\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/media\/757"}],"wp:attachment":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/media?parent=758"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/categories?post=758"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/tags?post=758"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}