Record 32.7 million people in work as jobless rate falls to 3.9%

Record 32.7 million people in work as jobless rate falls to 3.9%

The employment rate of 76.1% is the highest in the 48-year history of the official measure.

According to data, 32.7 million people started employments during the period, while the unemployment rate hit 3.9 percent.

The number of people in work rose by 222,000, thus pushing the rate of unemployment down to 3.9 percent, its lowest level since 1975.

The number unemployed in the region has remained unchanged at 149,000 for the three months to January, a rate of 5.1 per cent of the working population.

Unemployment fell by 35,000 to 1.34 million and the number of people in work rose by 222,000 - the fastest pace of hiring in more than three years and almost twice as strong as economists had expected.

According to the ONS, the average weekly earnings were up by 3.4 percent in the three-month period as compared to the same time during the previous year.

Unemployment fell by 35,000 to 1.34 million in the period, putting the rate below 4% for the first time since 1975.

The UK economic inactivity rate was estimated at 20.7%, lower than for a year earlier (21.2%) and the lowest figure on record.

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Job vacancies have increased by 4,000 to 854,000.

Shares in Ocado (OCDO.L) climbed to an all-time high after the company posted better-than-expected first-quarter retail sales. This is the highest three-month increase in employed women since February to April 2014.

The government welcomed the figures and employment minister Alok Sharma urged MPs to back Theresa May's Brexit deal to provide businesses with clarity.

"Our jobs market remains resilient as we see more people than ever before benefiting from earning a wage".

Though the figures appear to suggest that jobs market has not been hurt by the uncertainty surrounding Brexit, some have warned that the picture might not be so positive. The Bank of England have said they expect the UK's economy to grow at its slowest rate in a decade this year, and some analysts are concerned by the fact employment is growing at a quicker rate.

"A much stronger labour market report than expected - and particularly impressive given recent slower United Kingdom economic activity, heightened Brexit uncertainties and a weaker global economy", said EY economist Howard Archer.

Andrew Wishart of Capital Economics said that the figures "will add to concerns that the Brexit-related fall in investment is having a detrimental effect on the economy, as firms have opted to hire workers to meet demand rather than invest".

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