Chamber News
UK unemployment falls slightly as pay growth slows
14 August 2024 • Sarah Medcraf
The UK's unemployment rate has fallen slightly, official figures suggest.
Unemployment was 4.2% in the three months to the end of June, down from 4.4% over the previous quarter.
Meanwhile, wage growth continued to slow, rising at an annual rate of 5.4% - the weakest for around two years, figures from the Office for National Statistics (ONS) suggested.
The ONS has also urged caution about giving too much weight to its jobs figures at the moment.
Its Labour Force Survey, which produces the data, has had a smaller number of respondents over the past year than normal.
But Chancellor Rachel Reeves said the latest numbers, which were an initial first estimate, showed there was "more to do in supporting people into employment".
“This will be part of my Budget later in the year where I will be making difficult decisions on spending, welfare and tax to fix the foundations of our economy so we can rebuild Britain and make every part of our country better off."
Estimated vacancies in the UK fell by 26,000 to 884,000 in the three months to July, the ONS says.