Mixed readings on Britain's economy this week, as April pay data beats forecasts and employment growth slows
LONDON, - British wages in the three months to April grew faster than expected and hiring slowed less sharply, as the jobless rate held at its lowest rate since 1975, official figures showed on Tuesday.
Excluding bonuses, which smooths out some volatility, pay growth picked up to 3.4% from 3.3%, beating all forecasts and boosted by a 3.8% annual jump in pay for April alone, the largest single-month rise since May 2008.Britain’s labour market has performed robustly since Britain voted to leave the European Union in June 2016, in contrast to other parts of the economy which have suffered from uncertainty about the timing and terms on which Britain will leave.
The unemployment rate remained at 3.8% as expected, its joint-lowest since the three months to January 1975, and the absolute number of people out of work dropped by 34,000 to 1.304 million.
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