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The United Kingdom posted an improvement in employment figures in the first quarter of the year, after a record-high movement from economic inactivity into the workforce.
Source: Office for National Statistics
EWU is up 2.13%, while VGK is up 2.04%.
The employment rate for the first quarter stood at 75.7%, up by 0.1 percentage points mainly on more individuals aged 16 to 64 in the workforce. The latest reading remains below pre-COVID-19 pandemic levels.
Job-to-job moves jumped to a record-high 994,000 on resignations, with payrolled employees showing a monthly increase of 121,000 to a record 29.5 million versus the previous month.
The unemployment rate for the quarter was recorded at 3.7%, reflecting a decline of 0.3 percentage points. This indicates there are fewer unemployed people than job vacancies available.
The average total pay grew by 7.0% and regular pay by 4.2% in the first quarter. Total pay grew by 1.4%, while regular pay fell to -1.2% in real terms due to base and compositional effects.
The first-quarter economic inactivity rate stood at 21.4%, up by 0.1 percentage points. The growth was mainly on the back of individuals aged 50 to 64.
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