UK unemployment rate edges down unexpectedly as the number in work hits record high
The agency also found that wages rose sharply, a development that may cause concern at the Bank of England, which is widely expected to raise interest rates once again next week.
Official figures show that Britain's unemployment rate has fallen unexpectedly as the number of people at work hit a record high and rose past its pre-pandemic level for the first time. The Office for National Statistics said Tuesday that the jobless rate fell to 3.8% in the three months to April, from 3.9% in the previous quarter. Most economists were expecting the rate to edge up to 4 per cent.
As the unemployment rate fell, the agency said, the country's employment rate rose to 76% from 75.9%, with the number of people in work at an all-time high of 33.1 million. Darren Morgan, director of economic statistics at the agency, said the "biggest driver" in recent jobs growth is health and social care, followed by hospitality.
The agency also found that wages rose sharply, a development that may cause concern at the Bank of England, which is widely expected to raise interest rates once again next week.
Also Read: Dollar index gains ahead of inflation data, US Fed rate decision this week
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.