"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.
