UK unemployment hits 40-year low

By Gokhan Kurtaran

LONDON (AA) – Unemployment in the U.K. fell 16,000 to 1.42 million, hitting 4.2 percent last December through this February, the lowest rate in 40 years, the government announced Tuesday.

The unemployment rate fell from 4.7 percent a year earlier to its lowest level since 1975, according to the Office of National Statistics (ONS).

Unemployment was 4.3 percent in November through January.

There were 1.42 million unemployed people (people not employed but seeking and available to work), 16,000 fewer than in September-November 2017, and 136,000 fewer than a year earlier.

The latest estimates show that average weekly earnings for employees in the country in nominal terms rose 2.8 percent, both excluding and including bonuses, compared to a year earlier.