UK unemployment rate sees surprise fall to 4.9%

The Office for National Statistics (ONS) released figures showing the UK’s unemployment rate dropped to 4.9% for the period ending in February. This marks an unexpected decline, as most economists had forecast a stable rate of 5.2%. The data highlights a shift in the labor market, contradicting prior expectations.

Wage growth also recorded a 3.6% annual increase between December and February, according to the ONS. While the rate of pay rises has eased, salaries are still growing at a speed exceeding inflation. This trend indicates continued economic resilience despite the slowdown.