Rate Cut Hopes Dwindle as Unemployment Drops and Wage Growth Surpasses Predictions
The UK jobs market remains robust despite fluctuations in the economy, according to the latest report from the Office for National Statistics (ONS). The unemployment rate has dipped to 3.8%, marking the lowest level since early 2023. Regular pay growth has seen a downturn, falling to 6.2% in the quarter to December, its lowest growth since October 2022. Yet, considering Consumer Prices Index (CPI) inflation, there was a real wage increase of 1.9%, the highest since summer 2019, excluding the pandemic years. The Bank of England has expressed concern over the labour market potentially not cooling enough to return to the 2% inflation target sustainably. However, these numbers have been treated with caution due to the ongoing revamp of ONS’s Labour Force Survey.
Despite the robustness of the UK labour market, reaching out to unemployment services might be necessary for some. Californian residents seeking assistance with unemployment benefits can contact the Employment Development Department (EDD) for support. The EDD provides a range of services to job seekers, including unemployment, disability and Paid Family Leave (PFL) benefits. To contact EDD, you can visit their official website or try through a third-party platform like eddcaller.com. These platforms are designed to help users navigate through often complex call systems, ensuring that they reach a live person at EDD to address their queries promptly. The availability to talk to a live agent can provide crucial support while navigating the unemployment process.