Unemployment rate hits 45-yr low in UK

British unemployment has fallen to a 45-year low, official data showed yesterday, with the economy holding up despite prolonged Brexit uncertainty.

The unemployment rate eased to 3.8 per cent in the three months to March—the lowest level since the final quarter of 1974, the Office for National Statistics (ONS) said in a statement.

That compared with a 44-year low of 3.9 per cent in the quarter to February.

“The UK labour market has been remarkably resilient in the face of Brexit-related uncertainty,” Hargreaves Lansdown senior economist Ben Brettell said in reaction to the latest data.

“These are really strong numbers given the headwinds the economy is currently facing.”

The ONS added that the UK employment rate was estimated at 76.1 percent, which was the joint-highest figure on record.

“There are valid concerns that UK firms are hoarding labour instead of much-needed capital expenditure,” said Brettell.

 

Unemployment rate hits 45-yr low in UK

British unemployment has fallen to a 45-year low, official data showed yesterday, with the economy holding up despite prolonged Brexit uncertainty. The unemployment rate eased to 3.8 per cent in the three months to Marchthe lowest level since the final quarter of 1974, the Office for National Statistics (ONS) said in a statement. That compared with a 44-year low of 3.9 per cent in the quarter to February. The UK labour market has been remarkably resilient in the face of Brexit-related uncertainty, Hargreaves Lansdown senior economist Ben Brettell said in reaction to the latest data. These are really strong numbers given the headwinds the economy is currently facing. The ONS added that the UK employment rate was estimated at 76.1 percent, which was the joint-highest figure on record. There are valid concerns that UK firms are hoarding labour instead of much-needed capital expenditure, said Brettell.