UK unemployment rate hits 45-year low

News Image

By MG News | May 14, 2019 at 02:53 PM GMT+05:00

0:00

May 14, 2019: British unemployment has fallen to a 45-year low, official data showed on Tuesday, with the economy holding up despite prolonged Brexit uncertainty.

The unemployment rate eased to 3.8 percent in the three months to March -- the lowest level since the final quarter of 1974, the Office for National Statistics (ONS) said in a statement.

That compared with a 44-year low of 3.9 percent in the quarter to February.

"The UK labour market has been remarkably resilient in the face of Brexit-related uncertainty," Hargreaves Lansdown senior economist Ben Brettell said in reaction to the latest data.

"These are really strong numbers given the headwinds the economy is currently facing."

The ONS added that the UK employment rate was estimated at 76.1 percent, which was the joint-highest figure on record.

"There are valid concerns that UK firms are hoarding labour instead of much-needed capital expenditure," said Brettell.

"Why would you invest large sums in new plant or machinery in such uncertain times, when you could hire an extra worker and get broadly the same result?"

Growth in average weekly earnings, including bonuses, meanwhile slowed to 3.2 percent in the three months to March, the ONS added.

And they increased by only 1.3 percent when adjusted for inflation, down from 1.6 percent in the three months to February.

"This is unwelcome news for hopes that the consumer can keep spending at a robust rate over the summer and help the economy weather prolonged Brexit uncertainties and a challenging global economic environment," said EY ITEM Club economist Howard Archer.

(APP)

Related News

Name Price/Vol %Chg/NChg
KSE100 133,821.69
175.56M
0.34%
451.55
ALLSHR 83,460.60
665.63M
0.46%
379.44
KSE30 40,791.14
63.28M
0.21%
85.84
KMI30 192,723.77
72.13M
0.07%
143.10
KMIALLSHR 55,988.58
396.74M
0.27%
152.87
BKTi 36,531.56
11.33M
0.59%
214.39
OGTi 28,550.75
7.26M
0.03%
7.79
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 108,810.00 108,880.00
107,680.00
355.00
0.33%
BRENT CRUDE 69.51 69.61
69.03
-0.07
-0.10%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
2.90
3.07%
ROTTERDAM COAL MONTHLY 106.00 106.75
106.00
0.25
0.24%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 67.76 67.97
67.40
-0.17
-0.25%
SUGAR #11 WORLD 16.18 16.30
16.16
-0.10
-0.61%

Chart of the Day


Latest News
July 08, 2025 at 12:56 PM GMT+05:00

Oil prices dip after U.S. tariff moves, OPEC+ output hike


July 08, 2025 at 12:04 PM GMT+05:00

Saudi Riyal available at PKR 76.4 in open market


July 08, 2025 at 11:55 AM GMT+05:00

NBP leads Pakistan’s banks in shareholder value surge


July 08, 2025 at 11:39 AM GMT+05:00

Pakistan-Afghanistan railway talks progress


July 08, 2025 at 10:42 AM GMT+05:00

Pakistan moves to regulate crypto with PVARA approval



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg