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UK jobless rate falls to its lowest level in 45 years

May 14, 2019

LONDON (AP) — Official figures show that Britain’s unemployment rate has fallen to its lowest level in 45 years, though wage growth softened slightly.

The Office for National Statistics said Tuesday that the jobless rate in the three months to March declined to 3.8%, its lowest level since the end of 1974, from 3.9% the month before.

Separately, it said wage growth excluding bonuses rose by 3.3% down from 3.4% the month before. Despite the modest decline, wages are rising close to their highest rates since the global financial crisis more than a decade ago.

Economists said the figures do little to alter their expectations that the Bank of England won’t be raising interest rates anytime soon especially as Britain’s exit from the European Union remains clouded with uncertainty.

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