UK jobless rate unchanged at start of year as pay growth largely slows

The UK jobless rate steadied at the beginning of 2025, while pay growth largely slowed, data from the Office for National Statistics showed on Thursday.

For the three months to January 31, the UK unemployment rate was 4.4%, in line with FX Street-cited consensus and where it stood in the three months to December.

‘The estimated number of vacancies in the UK in December 2024 to February 2025 was 816,000. Vacancies are broadly unchanged on the quarter (with early estimates suggesting a small increase of just 1,000) and are still above pre-coronavirus pandemic levels,’ noted the ONS.

Average annual growth for regular earnings excluding bonuses in the three months to January was 5.9%, unchanged from the three months to December. This was in line with consensus.

Including bonuses, average yearly pay growth was 5.8%, shrinking from 6.1% in the three months to December and falling short of a 5.9% FX Street-cited consensus.

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