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Official figures show that the UK employment fell by 3,000 in the last 3 months, from November. Figures show that the unemployment is now at a figure of 1.44 million people, which is a 42-year low, leaving unemployment at just 4.3%.
In addition to this, the number of those in work increased sharply, meaning less in unemployment. With a record number of people in work. The number of people in work rose by 102,000 within the last 3 months. This now takes employment to a record level of 32.2 million. Wages have also seen an increase in which they have rose at their fastest rate in almost a year.
This therefore leaves the UK’s unemployment rate at a four-decade low of 4.3%.
However, even though wages are increasing, real wages are still lower than the rate of inflation. The rate of wages is now at 2.4%, whereas the rate of inflation is at 3%, meaning real wages are behind the rate of inflation. And so the real value of earnings continues to decline.
What has happened to the pound?
The pound briefly rose against the dollar when the data was announced. It was 0.7% higher at $1.4101, it also touched $1.4119, which is the highest since the night of the Brexit referendum in June 2016.
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