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Financial News: UK Employment At Record, Pay Growth Rises

UK Employment At Record, Pay Growth Rises

04/16/2019 - 06:54:00 (RTTNews)

(RTTNews) - UK employment growth rose more than expected in the three months to February to a record high, causing the jobless rate to remain steady, and total pay growth accelerated, preliminary data from the Office for National Statistics showed on Tuesday.

The level of employment in the UK grew by 179,000 persons to a record high of 32.72 million in the three months to February. Economists had forecast a 173,000 increase.

The ILO unemployment rate was 3.9 percent same as in January, and in line with economists' expectations.

The total pay grew 3.5 percent year-on-year in the three months to February, which was slightly faster than the 3.4 percent rise in the three month to January. The growth rate matched economists' consensus.

Weekly earnings excluding bonuses rose 3.4 percent year-on-year in the three months to February, which was slightly slower than the 3.5 percent increase in January. That was also in line with economists' expectations.

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