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Financial News: UK Jobless Rate Lowest Since 1975

UK Jobless Rate Lowest Since 1975

07/12/2017 - 05:01:00 (RTTNews)

(RTTNews) - The UK unemployment rate declined to the lowest since 1975, data from the Office for National Statistics showed Wednesday.

The ILO jobless rate came in at 4.5 percent in three months to May versus 4.9 percent in the same period of previous year. The expected rate was 4.6 percent. This was the lowest since 1975.

The number of unemployed decreased by 64,000 from previous three months to 1.49 million.

The employment rate was 74.9 percent, the highest since comparable records began in 1971.

Including bonus, average weekly earnings for employees increased by 1.8 percent on a yearly basis. Excluding bonus, earnings rose 2 percent compared with a year earlier.

The claimant count rate remained unchanged at 2.3 percent in June.

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