UK unemployment drops to 50-year low of 3.7%

17.05.2022, 11:16 thetimes.co.uk

The UK’s unemployment rate has fallen to its lowest in nearly fifty years with more vacancies than unemployed people in the economy for the first time on record. Figures from the Office for National Statistics (ONS) showed that the country’s jobless rate dropped to 3.7 per cent from 3.8 per cent in the three months to March, the lowest since 1974 and better than economist expectations of no change in the first quarter. In a sign of the high demand for workers, the ONS said that the economy now had more open job vacancies than unemployed people for the first time since records began. The number of vacancies rose to a new record of 1.29 million in April. The tight labour market and high inflation