UK unemployment steady at 5.2% as wage growth cools - ONS

The UK unemployment rate was unchanged in the latest three-month period, while employment rose and wage growth slowed, according to data released by the Office for National Statistics on Thursday.

In the three months to January, the unemployment rate stood at 5.2%, in line with the previous three-month period and slightly below FXStreet-cited market consensus of 5.3%.

The employment rate rose by 0.2 percentage point to 75.1%, as employment rose by 84,000 over the three-month period, ahead of expectations for a 52,000 increase. The economic inactivity rate fell by 0.3 percentage point to 20.7%.

Average earnings growth showed signs of cooling. Regular pay, excluding bonuses, rose 3.8% year-on-year in the three months to January, slowing from 4.1% previously and below market expectations of 4.0%. Including bonuses, average earnings increased 3.9%, in line with forecasts but down from 4.2% in the prior period.

The claimant count increased by 24,700 in February, below expectations for a 25,800 rise but sharply higher than January‘s 4,700 increase. The claimant count rate ticked up to 4.4% from 4.3%.

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