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Unemployment rate falls to new 44-year low of 3.8% | Business News



UK unemployment fell to 3.8% in the first three months of the year, its lowest level since the end of 1974, official figures show.

However the figures for the three months to March showed a slight slowdown in annual wage growth – excluding bonuses – to 3.3%, compared to 3.4% in the three months to February.

The number of unemployed people fell by 65,000 to 1.3 million, according to the data from the Office for National Statistics (ONS).

It was the latest sign of Britain’s labour market continuing to grow strongly despite Brexit uncertainty – helping maintain the household spending which drives the economy.

However the hiring spree is seen by many experts as a reflection of how companies have opted to take on workers rather than commit to longer-term investments.

That has been reflected in weakening productivity, with data from the ONS published at the same time as the unemployment figures showing output per hour fell by 0.2% compared to a year ago, its third consecutive fall.

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