Unemployment rate lowest in over 40 years

UK unemployment below NAIRU

Unemployment rate lowest in over 40 years

Scotland's unemployment rate was 4.3 per cent over the period, down slightly from 4.5 per cent in the previous quarter and 4.4 per cent in the same quarter a year ago.

The data also reveals that unemployment stood at 4.2 per cent, down from 4.6 per cent a year earlier - the lowest point since 1975.

Meanwhile, unemployment dropped by 46,000 in the first three months of 2018.

Average earnings of employees including bonuses grew 2.6 percent from previous year, while earnings excluding bonuses advanced 2.9 percent in three months to March.

"Growth in total pay remains in line with inflation, meaning real earnings are flat on the year". And average weekly pay is still worth much less than a decade ago after the longest pay squeeze for 200 years.

And with the number of Black, Asian and minority ethnic people in work up 475,000 since 2015, the Government is making rapid progress on its commitment to increase BAME employment by 20 per cent by 2020.

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"Today's figures once again cement that turnaround, with a new employment rate record of 75.6 per cent, and on average over 1,000 people each and every day, since 2010, getting a job".

Wages in the United Kingdom are rising faster than inflation figures released this morning show. "It's important to remember, though, that this isn't a measure of migration".

Tara Sinclair, an economist at the jobs site Indeed, said: "A repeat of last month's exceptionally strong set of labour statistics was..."

"At 2.9%, earnings growth excluding bonuses is now running at the fastest rate since mid-2015 and will make the Bank of England more confident that their optimistic stance on wage growth is bearing fruit".

Ruth Gregory, a United Kingdom economist at Capital Economics, said she also expected only a brief delay before Threadneedle Street increased borrowing costs.

The claimant count, which includes people on Jobseeker's Allowance and the unemployment element of Universal Credit, increased by 31,200 last month to 897,000, the highest for more than three years.

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