The Speaker
Saturday, 18 May 2024 – 12:09

New figures show strength for UK jobs market

UK pay growth has risen to an 11-year high as Britain’s labour market showed unexpected strength in the second quarter.

The strength contrasts with last week’s figures showing the economy contracted over the same period and that GDP had fallen for the first time in over 6 years.

Figures published on Tuesday showed that Britain created around 115,000 jobs in the second quarter, resulting in record employment levels, according to the Office for National Statistics (ONS). Unemployment was estimated at 3.9%, an estimated 0.1% lower than a year earlier.

According to the ONS, ‘estimated annual growth in average weekly earnings for employees in Great Britain increased to 3.7% for total pay (including bonuses) and 3.9% for regular pay (excluding bonuses).’

The UK’s domestic jobs market has generally been a strength of the British economy since the Brexit vote just over three years ago, and the new figures suggest this has continued.

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