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The U.K. employment picture brightened in the three months from November 2021 to January 2022, with unemployment dropping to 3.9 percent from 4.1 percent in the previous quarter, the Office National Statistics reported Tuesday.
Meanwhile, the employment rate rose to 75.6 percent, up by 0.1 percentage points over the previous quarter. However, the labor market still has slack, according to the ONS.
“The number of people out of work and not looking for a job rose again, meaning total employment remained well below its pre-pandemic level,” ONS chief economist Grant Fitzner said.
The number of job vacancies also hit a fresh record of 1,318,000, up from 105,000 from last quarter, although the rate of growth slowed.
The overall picture of a firming labor market underscores the likelihood that the Bank of England will tighten policy further at its next meeting on Thursday, with inflation still running hot.
Source: Politico
