UK unemployment rate slips to lowest level in 42 years
The unemployment rate in the United Kingdom slipped to 4.6 per cent as inflation outstripped wage growth in the first three months of this year, the Office for National Statistics (ONS) announced.
In the three months to March, the number of unemployed people fell by 53,000 to 1.54 million, hitting its lowest level in more than four decades.
Average weekly earnings of the people (excluding bonuses) jumped 2.1 per cent, while inflation jumped from 2.3 per cent to 2.7 per cent in April. It was its highest since the month of September 2013.
The rate of unemployment hasn’t been lower since the June-August period of 1975. The employment rate was recorded at 74.8 per cent, the highest since officials started keeping records in 1971.
Dennis de Jong, the managing director of UFX.com, said, “Theresa May will be pleased to see unemployment drop to its lowest rate since 1975, which echoes her rallying calls for 'strength and stability' during the unpredictable economic climate that comes with Brexit negotiations.”
However, some analysts warned that alarm bells will be ringing for Britons as wages are continuing to descend. It could cause decline in the standard of living, which could be a headache for the government in the run up to the upcoming general election.
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