Britain’s unemployment rate rose to 5.0% in the three months to March, above the 4.9% consensus estimate.
The UK unemployment rate climbed to 5.0% in the three months ending March, up from 4.9% in the prior period, surpassing market expectations of 4.9%. The increase marks the first rise in the jobless rate since late 2023.
Jobless claims surged by 26.5K in April, significantly higher than the revised 4.9K increase in March and close to the forecasted 27.3K gain. Employment growth slowed, with 148K jobs added in March, down from 25K in February.
Wage growth moderated, with average earnings excluding bonuses rising 3.4% year-over-year, matching estimates but below the previous 3.6% print. Including bonuses, earnings grew 4.1%, beating the 3.8% forecast. GBP/USD dipped 0.13% to 1.3415 following the release.