5 things to know about the March 2025 jobs report
Employment Fell Sharply in March
Payroll employment declined by 47,000 jobs between February and March, with a further preliminary drop of 33,000 in April
Financial Times
Another source reports an even larger fall: 78,000 jobs lost in March, marking the steepest monthly decline since the early pandemic
Reuters
- Unemployment Edges Up
The unemployment rate rose to 4.5% from 4.4%, marking its highest level since mid-2021
Financial Times
The Guardian
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Over the broader March–May period, unemployment climbed further to 4.7%, with approximately 1.67 million people out of work
House of Commons Library
Research Briefings
- Wage Growth Slows, But Remains Elevated
Average weekly earnings (excluding bonuses) grew by 5.6% year-on-year in the three months to March, down slightly from 5.9% in the previous quarter
Financial Times
The Times
Despite the slowdown, this still sits well above inflation, meaning real wages are rising
The Times
The Guardian
- Vacancies Continue to Fall
Job vacancies continue their downward trend, reaching 761,000 in the February–April window—still well below the high levels seen during the pandemic
The Guardian
Institute for Employment Studies (IES)
The decline has now stretched to more than two and a half years of falling permanent placements, even though temporary wage growth saw a slight uptick
Reuters
- Labor Market Cooling Ahead of Tax Hikes
A key factor behind the slowdown is the increase in employer costs—including higher national insurance contributions and a roughly 7% minimum wage hike—which came into effect in April
Reuters
Financial Times
The weakening employment outlook adds complexity to monetary policy decisions—particularly regarding interest rate adjustments by the Bank of England
Financial Times
Reuters
Bottom line: The March 2025 UK jobs data paints a clear picture of a cooling labour market—with job losses, rising unemployment, slowing wage growth (though still robust), and fewer vacancies—largely driven by increased employer costs and ongoing economic uncertainty.
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