Labour Market Outlook | Unemployment rises, vacancies fall to five-year low & wage growth weakens

The UK labour market showed fresh signs of deterioration in the latest Office for National Statistics figures released this morning, with unemployment rising unexpectedly and vacancies moving in the opposite direction.

The unemployment rate rose to 5% in the three months to March, up from 4.9%, marking the highest level since 2015 and defying expectations that the rate would hold steady. At the same time, job vacancies fell by 28,000 to 705,000 between February and April, taking openings to their lowest level in five years.