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The UK’s unemployment rate has risen to its highest for almost a year as vacancies continued to shrink, according to official figures.<\/b><\/p>\n
The Office for National Statistics (ONS) said the jobless rate increased to 4.3% between January and March – the highest since May to July last year.<\/p>\n
The number of vacancies also slowed meaning more unemployed people are competing for the same jobs.<\/p>\n
The ONS suggested that the figures show the country’s job market is cooling.<\/p>\n
Jobs on offer in the UK dropped by 26,000 to 898,000 vacancies between February and April. The total remains higher than pre-pandemic levels but Liz McKeown, director of economic statistics at the ONS, said: “With unemployment also increasing, the number of unemployed people per vacancy has continued to rise, approaching levels seen before the onset of Covid-19.”<\/p>\n
She added that overall: “We continue to see tentative signs that the jobs market is cooling.” <\/p>\n
Data also shows that wage growth remained at 6%, the ONS said.<\/p>\n
It had been expected to slow to 5.9% in the first three months of this year. The figure will be closely watched by the Bank of England to decide if and when interest rates can be cut.<\/p>\n
At the most recent rate-setting meeting, Bank governor Andrew Bailey said he was “optimistic that things are moving in the right direction”, though he added that a fall in borrowing costs was “not a fait accompli”. <\/p>\n
Rates have been 5.25% since last August, the highest level in 16 years.<\/p>\n<\/div>\n
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