UK Unemployment Rate Maintains at 3.7%

Britain’s unemployment rate was 3.7% in the three months to December, said the Office for National Statistics (ONS), which is in line with the Reuters economists polled that expected that the rate would remain at 3.7%, not far above the lowest level in nearly 50 years.

The ONS reported that pay-included bonuses increased by 5.9% on an annual from October to December, while pay excluded bonuses increased by 6.7%.

Economists polled by Reuters expected total pay to climb by 6.2% and the ex-bonuses measure to rise by 6.5%.

The rate of wage growth in the United Kingdom is being watched closely by the Bank of England, which is a measure of how much the interest rate will be increased.