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UK employment hits record high, yet pay growth slows

UK employment hits record high, yet pay growth slows

U.K. employment rate set a new record high of 76.5 percent, yet the wage growth slowed, the unemployment data released on Tuesday showed.

In the final three months of 2019, the employment rate soared to a new record high of 76.5 percent from 76.1 percent the previous three months.

The unemployment rate stabilized at 3.8 percent, the lowest since 1974, but the wage growth, including bonuses slowed to 2.9 percent from a previous of 3.2 percent. The average weakly earnings excluding bonuses retreated to 3.2 percent per year from 3.4 percent.

However, “this was the first time that real regular pay exceeded the pre-downturn peak of £473 recorded in March 2008,” the ONS said.

Jobless benefits for January came in at 5,500, better than forecasts of 20,200, down from 14,900 in December.

As of 10:30 GMT, the pound rose to 1.3031 versus the U.S. dollar, erasing its earlier losses when it dipped to a low of 1.2970.

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