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.
Hong Kong-based Cathay Pacific Airways, the largest international airline in Asia, is preparing to lay off as many as 600 employees at its headquarters.
After several years of tentative mutual approaches, US-based chemical manufacturer Huntsman Corporation and Switzerland’s Clariant AG have finally agreed to merger to create an entity with a market value of more than $14 billion.
Mosquito bites are not just a nuisance but can results into a serious public health threat as a single mosquito bite can transmit multiple dangerous viruses, researchers have warned.
Cannes presents an exceptional platform for filmmakers, scriptwriters and artists and some of those talented people have been left out as Cannes announced ban on streaming-only movies.
Austria has announced ban on Full-Face Veil and anyone not following the ruling will be fine Euro 150, starting October. The new legislation has been approved by both the ruling parties.
Ridesharing service Uber has reportedly threatened to fire one of its top self-driving engineers, Anthony Levandowski, if doesn’t cooperate with an ongoing investigation into allegations that he stole trade secrets from his former employer Waymo.