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UK jobless rate sticks to multi-decade low

UK jobless rate sticks to multi-decade low

Mubasher: The UK labour market continued to create jobs, as the number of working people increased in the three-month period ended May, the Labour Force Survey revealed.

The number of employed people across the UK climbed by 28,000 to a total of 32.749 million people in the period between March and May, from the prior period.

Compared with the prior year, the number rose by 354,000, the Office for National Statistics (ONS) stated on Tuesday.

Overall UK unemployment rate was estimated at 3.8 % in the three months ended last May, while “it has not been lower since October to December 1974,” the ONS said.

The average weekly earnings, excluding and including bonuses, grew to 3.6% and 3.4% in nominal terms, respectively not adjusted for price inflation, from the same period last year.

In real terms, the average weekly earnings went up by 1.7% from a year ago, less bonuses and 1.4%, including bonuses.

By 8:40 am GMT, the GBP/USD pair fell by 0.38% to $1.2469, while the EUR/GBP rose by 0.27% to GBP 0.9020.