UK Workers' Earnings Growing at Fastest Rate in More than Two Years

UK Workers' Earnings Growing at Fastest Rate in More than Two Years

UK Workers' Earnings Growing at Fastest Rate in More than Two Years

Unemployment in the United Kingdom unexpectedly falls to just 4.3%, down from 4.4%.

The latest unemployment rate shows that there has been little change since the figures published a month ago.

Employment rose by 168,000 in the three months to January to 32.2 million.

Unemployment in the United Kingdom unexpectedly fell between November and January, according to new data released by the Office for National Statistics on Wednesday.

There were 1.45 million unemployed people in the United Kingdom over the period, according to the ONS.

Unemployment in Wales between November and January was 73,000 - which is 3,000 more than between October and December and represents 4.8% of people over 16.

As a result, the national employment rate increased to 75.3 percent from 74.6 percent in the previous year period. This is the lowest the unemployment rate has been since 1975.

"'Economically inactive' people - those who are neither working nor looking for a job - fell by their largest amount in nearly five and a half years, however". That means that while earnings growth may be picking up, people are still not seeing wages rise quick enough to keep up with prices.

In the three months to January, total average weekly earnings jumped by 2.8 per cent year-on-year, the fastest recorded growth rate since September 2015, according to an ONS labour market bulletin.

The bank's monthly agents' summary of business conditions, which polls the central bank's operatives in the UK's regions for a picture of what's going on in the economy, last month showed that businesses expect wage growth to increase to 3.1% in 2018, up from 2.6% a year ago.

Bank of England officials have highlighted accelerating wage growth as one reason for the shift in monetary policy.

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