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UK unemployment continues to fall to near two-year low


As of February, the unemployment rate in the UK, calculated by the International Labour Organization (ILO) standard, continued to fall to 3.8%, down 0.1 percentage points from the previous value and hitting a nearly two-year low, in line with market expectations. During the same period, the total employment population increased by 10,000, reversing the previous decline, but less than the market expected 52,000. As for wages, the average weekly wages increased by 5.4% year-on-year, up 0.6 percentage points from the previous value, in line with market expectations. Wages excluding bonuses increased by 4.0%, up 0.2 percentage points from the previous value, which was also in line with market expectations. The strong employment numbers, coupled with a bigger-than-expected rise in wages, helped to ease concerns about the risk of stagflation in the U.K. economy.
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