UK wage growth slows sharply as unemployment holds steady

"Labour market conditions were little changed at the start of the year. The number of workers on payroll rose slightly in the latest month but, overall, the recent picture has been broadly flat. Unemployment remains at the rate reported last month, up on the quarter and the year, while the number of vacancies remains largely stable, with declines among smaller firms being offset by rises among larger ones."

"Regular wage growth is at its lowest rate in more than five years, with pay growth in both the private and public sectors continuing to ease. Pay surveys have shown a drop in pay awards over the past year across the private and public sectors."

"The slowdown in wage growth is unlikely to sway Bank of England policymakers, who meet later today and are expected to leave interest rates on hold at 3.75% amid the Middle East conflict and a steep rise in oil prices."

The UK jobs market showed minimal change at the start of the year, with wage growth declining sharply to 3.8% from 4.2%, marking the slowest pace in over five years. The unemployment rate held steady at 5.2%, though it increased compared to the previous quarter and year. Payroll numbers rose slightly, while job vacancies remained largely stable despite declines among smaller firms being offset by gains at larger companies. Pay growth decelerated in both private and public sectors. The Bank of England was expected to maintain interest rates at 3.75%, with geopolitical tensions and rising oil prices influencing monetary policy decisions rather than wage growth trends.

Read at www.theguardian.com