Money
UK unemployment rate falls to new low
There’s good news for the economy of Britain as the world moves past the coronavirus pandemic
The UK’s unemployment rate has fallen to 3.8 per cent, the lowest since 2019.
The jobless rate has fallen to below pre-pandemic levels emphasising the risk of inflation pressure in the labour market.
The unemployment rate in the U-K has not been lower than 3.8 per cent since 1974 but it may not reach this level again as demand for staff slows.
Job vacancies hit a record at the start of the year reaching nearly 1.3 million.
Unemployment rate (aged 16 and over, seasonally adjusted) / Image: Office for National Statistics
The Office for National Statistics says that the total “actual weekly hours worked” reached 1.04 billion in December 2021 to February 2022, 18.8 million up on the previous 3 months.
However, this is still 14.6 million below pre-coronavirus pandemic levels