Joblessness To Lowest Level Since 1975

The Unemployment was recorded to the lowest level in March since 1975 as Britain continued hiring more workers, revealed Office for National Statistics.

Official data reveals 31.95 million people are now employed in United Kingdom. It is 74.8 percent of 16 to 64-year olds.

In the three months to April the joblessness dropped to 4.6 percent and this mean 1.54 million people are yet to be hired.

National Statistics adds currently there are more vacancies on offer than ever before and between February and April about 777,000 jobs were advertised. This mean more staff will be hired by companies in near future.

However, the increased pay between January and March was below the rise in prices in April. The paycheck hiked just 2.4 percent where as prices were up by 2.7 percent.

The bonuses too were reported to be lower in the first three months of the year and the weekly pay rose by just 2.1 percent year-on-year.

According to the Bank of England, the pay may rise after joblessness drop to about 4.5 percent.

However, the signs of unemployment coming down to 4.5 percent are less even though there are strong demands of workers in companies.

Paul Hollingsworth at Capital Economics said, “We continue to think that this tightening will deliver a modest rise in nominal wage growth over the course of this year… It might not be enough to keep up with inflation.”

Price rise of food and other commodities have lately increased following the Brexit referendum in July 2016. The currency has devalued too resulting with imports becoming expensive than before.