UK Unemployment Rate for December-February Lower than Prior to COVID

The Office of National Statistics (ONS) in the United Kingdom reported that the unemployment rate in the United Kingdom fell to 3.8% in the period from December to February. This was lower than in the period prior to the Covid 19 outbreak.

Analysts said that the figure fell to the same level as in the October-December 2019 period and below the previously reported figure of 3.9%. The last time the unemployment rate in the UK was below 3.8% was in 1974.

The number of jobs increased by 10,000 in the December-February period, and the unemployment figure fell by 86,000.

In addition, the number of job vacancies rose to a record high of 1.288 million in the January-March period, a sign of possible inflation in the labor market. The Bank of England (BoE) is watching in which direction it will raise the key interest rate.

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