UK UNEMPLOYMENT FALLS TO 4.9% WHILE JOB VACANCIES DECLINE

The Office for National Statistics reported that the UK's unemployment rate fell to 4.9% in the period from February to April, down from 5% in the preceding three months. Job vacancies fell by a further 19,000 to reach 707,000, according to official figures. The number of people claiming out-of-work benefits rose to an estimated 1.72 million in May, according to the same data.

Average wage growth remained steady at 3.4% between February and April, or 4.4% when bonus payments were included, according to ONS records. New recruits entering payrolled work reached their lowest levels in five years. Private sector basic pay awards showed signs of strain during the period measured, the ONS data indicates.

The unemployment rate fell whilst job vacancies declined. Official figures suggest the lowest level of job openings since April 2021. The recorded data shows falling unemployment alongside declining vacancy numbers and subdued recruitment activity during the measured period.