UK's Unemployment Rate Falls To 3.7% In Q1

The unemployment rate in the UK fell to 3.7% in the first quarter of this year, according to official data released on Tuesday.

This marked a 0.3 percentage point decline from the previous quarter and a decrease of 1.2 percentage points from the same period of last year, the Office for National Statistics (ONS) reported.

"For the first time since records began, there are fewer unemployed people than job vacancies," it said.

"The number of job vacancies in February to April 2022 rose to a new record of 1,295,000."

The employment rate in the UK increased by 0.1 percentage point from the previous quarter to reach 75.7% in the January-March period, but it is still below pre-pandemic levels.

The employment rate saw a 0.9% increase from the first quarter of last year, according to the ONS. -