UK Unemployment Rate (Apr) 4.9% vs. Exp. 5% (Prev. 5%)

ONS' Director of Economic Statistics, Liz McKeown: The labour market remained broadly stable in the latest quarter, with further softening evident in some measures. Payroll numbers continued to fall over this period, with new recruits at their lowest level in five years. However, overall employment was little changed, with some signs of workers moving into self-employment. Vacancies also continued to fall, further suggesting that firms are becoming more cautious about taking on new staff. The decline has been most persistent among lower-paying sectors and smaller employers, although the largest fall this quarter was in professional services. Meanwhile, regular wage growth in the private sector slowed to its lowest rate in five and a half years, though total earnings are growing faster because bonus payments in March and April are higher than a year ago, particularly in the financial sector. Public sector pay growth increased but is once again affected by the timing of pay awards varying this year.