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UK Jobless Rate Lowest Since 1975

16 May 2018

Average earnings of employees including bonuses grew 2.6 percent from a year ago, while earnings excluding bonuses advanced 2.9 percent in three months to March.

In the East of England the employment rate was 78.3%, the third highest rate in the United Kingdom and 0.1% higher than in October to December 2017, according to the Office for National Statistics (ONS).

There were 1.42 million unemployed people 46,000 fewer than for October to December 2017 and 116,000 fewer than for a year earlier while 32.34 million people were in work, 197,000 more than for October to December 2017 and 396,000 more than for a year earlier.

But he cautions that just as this piece has fallen into place, UK GDP growth slowed markedly in the first quarter of 2018 and the Bank of England has trimmed its growth forecast for the year. "It's important to remember, though, that this isn't a measure of migration".

Esther McVey, the secretary of state for work and pensions, said: "Since 2010 we have seen more than 3.2 million people move into work right across the UK". This was the joint lowest since 1975.

"Once more, we continue to outperform the United Kingdom on employment and unemployment rates for young people, with 55.6 per cent of young people in employment in Scotland compared to 54.1 per cent of young people in the United Kingdom".

A separate ONS report reveals that there were 2.29 million European Union nationals working in the United Kingdom - 28,000 fewer than a year earlier.

Wages in the United Kingdom are rising faster than inflation figures released this morning show.

Tara Sinclair, an economist at the jobs site Indeed, said: "A repeat of last month's exceptionally strong set of labour statistics was..."

"As markets become increasingly sceptical about the prospects of a United Kingdom rate hike this year, the latest wage data could prompt a bit of a rethink".

New data released by the Office for National Statics (ONS) today shows that average weekly earnings have increased by 0.4 per cent adjusted for inflation in the first quarter.

Ruth Gregory, a United Kingdom economist at Capital Economics, said she also expected only a brief delay before Threadneedle Street increased borrowing costs. The number of people claiming unemployment benefits increased by more than 31,000. "This left the annual rate of employment growth at a solid 1.2%".

UK Jobless Rate Lowest Since 1975