UK March jobless claims change -46.9k vs -48.1k prior

Prior -48.1k February ILO unemployment rate 3.8% vs 3.8% expected Prior 3.9% February employment change 10k vs 50k expected Prior -12k February average weekly earnings +5.4% vs +5.4% 3m/y expected Prior +4.8% February average weekly earnings (ex bonus) +4.0% vs +4.0% 3m/y expected Prior +3.8% The number of payrolled employees in the UK rose by 0.6% with early estimates indicating the figure to be 29.6 million. Relative to the pre-pandemic period i.e. February 2020, the number of payrolled employees was up by 1.9%. The jobless rate continues to trickle lower, suggesting further tightness in the labour market but total hours worked is still seen below pre-pandemic levels. Meanwhile, growth in average pay remains elevated but the figures are still distorted somewhat by base effects though to a lesser degree at this point. But a notable trend is that as inflation is increasing in recent months, it is causing real pay growth to drop: