UK jobs market 'cooling off', ONS says
Thu May 19, 2016 03:29:pm World
1.5K By sosa hills
The UK unemployment total has fallen slightly, but the Office for National Statistics (ONS) has said the jobs market could be "cooling off".
Unemployment fell to 1.69 million between January and March, down 2,000 from the previous quarter.
The jobless rate remained at 5.1per cent, the ONS said.
There were 31.58 million people in work, up 44,000 from the previous quarter. That took the employment rate to a record high of 74.2 per cent.
But the number of job vacancies dropped by 18,000 to 745,000, the ONS added, marking the first fall for almost a year.
David Freeman, a senior statistician at the ONS, said: "The employment rate has hit another record high, but this time the increase is quite modest.
"With unemployment very little changed, that is further evidence the jobs market could be cooling off."
But pay growth slowed from 2.5 per cent to 2.3 per cent in the retail sector. Michael Martins, economist at the Institute of Directors, said lower pay growth was likely to continue.
"Areas where low pay tends to predominate, like retail, accommodation and food services, have the highest level of vacancies," he said.
Unemployment fell to 1.69 million between January and March, down 2,000 from the previous quarter.
The jobless rate remained at 5.1per cent, the ONS said.
There were 31.58 million people in work, up 44,000 from the previous quarter. That took the employment rate to a record high of 74.2 per cent.
But the number of job vacancies dropped by 18,000 to 745,000, the ONS added, marking the first fall for almost a year.
David Freeman, a senior statistician at the ONS, said: "The employment rate has hit another record high, but this time the increase is quite modest.
"With unemployment very little changed, that is further evidence the jobs market could be cooling off."
But pay growth slowed from 2.5 per cent to 2.3 per cent in the retail sector. Michael Martins, economist at the Institute of Directors, said lower pay growth was likely to continue.
"Areas where low pay tends to predominate, like retail, accommodation and food services, have the highest level of vacancies," he said.
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