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UK Unemployment Drops to 4.6%, Lowest Since 1975 - Statistics

© REUTERS / Eddie KeoghWorkers walk in the rain at the Canary Wharf business district in London, Britain November 11, 2013.
Workers walk in the rain at the Canary Wharf business district in London, Britain November 11, 2013. - Sputnik International
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The UK rate of unemployment is now at the lowest level in 42 years, the UK Office for National Statistics (ONS) said Wednesday.

People queue to enter a job centre in east London on July 20, 2016 - Sputnik International
UK Unemployment Rate in March-May Lowest in Over Ten Years
MOSCOW (Sputnik) — The rate of unemployment in the United Kingdom has fallen to 4.6 percent in three months to March, which is the lowest level in 42 years, the UK Office for National Statistics (ONS) said Wednesday.

"The unemployment rate dropped to 4.6% in the 3 months to March 2017, down from 5.1% a year earlier, and is now at its lowest since 1975," the press release published on the UK government's website said.

At the same time, real wages are decreasing, as average weekly earnings are lagging behind rising inflation.

"Adjusted for consumer price inflation including owner occupiers’ housing costs (CPIH), average weekly earnings increased by 0.1% including bonuses, but fell by 0.2% excluding bonuses, in the 3 months to March 2017 compared with a year earlier. This is the first decline in real earnings since the 3 months to September 2014," the press release said.

The recent increase in consumer price inflation caused the annual rate of real wage growth, excluding bonuses, turn negative for the first time since the 3 months to September 2014.

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