Improving economy

Posted on 20 Feb 2024
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UK unemployment rate falls, wage growth slows

Unemployment fell slightly to 3.8% in the three months to December, while wages rose for the sixth consecutive month, according to official data. The Office for National Statistics (ONS) reported a decrease in unemployment and a 1.9% increase in real wages after accounting for inflation. The ONS also noted an increase in long-term sick leave, although the overall number of economically inactive individuals remained unchanged. Jeremy Hunt welcomed the news but stressed the need to continue efforts to boost the economy. The Chancellor said: “It's good news that real wages are on the up for the sixth month in a row and unemployment remains low, but the job isn't done. Our tax cuts are part of a plan to get people back to work so we can grow the economy - but we must stick with it.”

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