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The surprise decline in the UK unemployment rate and strong growth in average earnings in the three months to April reflect the tightness of the labor market, data from the Office for National Statistics revealed Tuesday.
Latest labour market figures highlight key reason why companies are struggling to grow, says Coventry and Warwickshire Chamber of Commerce
The UK total pay grew more than expected in the three months to February and higher job vacancies again strengthened wage demands, official data revealed Tuesday, adding the call for a quarter-point interest rate hike from the Bank of England next month.
The UK economy stagnated in February as strikes dampened services output but the growth for January was upwardly revised, tapering the possibility of a recession in the first half of the year.
UK consumer price inflation unexpectedly accelerated in February after slowing for three straight months, adding to the dilemma of the Bank of England policymakers who are set to decide this week whether to raise interest rates this month in the backdrop of the financial market turmoil.