Unemployment in the UK rate fell below 4% to find son pre-pandemic level, official data showed Tuesday.
Unemployment in the UK rate dropped to 3.9% in three months until the end of January from 4.1% in the final quarter of last year”returning to pre-coronavirus pandemic levels”, the Bureau for National Statistics (ONS) said.
Welcoming news Minister of Finance Rishi Sunak added he was confident in the work market has been in a “good position to treat with the current global challenges.”
It is feared that Russia invasion of Ukraine, booming global inflation and new containment measures related to COVID-19 in China will hamper the world’s economy recovery.
The NSO added than the number of British workers on payroll jumped from 275,000 to one record-high 29.7 millions in February.
However, wages are eroding with Britain knows the highest rate of annual inflation in almost 30 years.
“Because the bonus continued at high levels for some workers, total earnings growth just stay one step ahead of rising prices over the past yearbut regular the salary has gone down again in real terms“said ONS chief economist Grant Fitzner.
the cost of to live is set still soar from April due to a tax hike on UK workers and businesses, plus increases in energy bills.
And the bank of England should raise interest rates for a third meeting in a row on from Thursday to help to bring down inflation.
“The further tightening in work market in January will only encourage the Bank of England to raise interest rates on Thursday, probably 0.50% to 0.75%,” Capital Economics chief economist Paul Dales said.
