The UK Unemployment Rate Fell Unexpectedly to 5% From 5.1%

Official figures showed, Tuesday, March 23, that the unemployment rate in Britain fell unexpectedly to 5% in the three months ending in January, when the country entered again into general isolation measures to confront the outbreak of the Coronavirus, below expectations for a rise to 5.2% in a poll conducted by Reuters.

Separate official data based on tax records showed an increase of 68,000 in the number of employees on corporate payrolls for February from January, although the total was 693,000 lower than the same period a year before the pandemic began.

Average wage growth rose to 4.8%, the highest level since March 2008, although this reflects how job losses were greater in low-wage sectors such as retail and hospitality, rather than among the higher-wage earners who kept their jobs.