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UK Unemployment Rate Drops to 4.1% as Firms Rush to Fill Record Vacancies

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The UK’s unemployment has fallen again as employers continue to hire more workers, but wages are now dragging behind inflation again.

Source: Office for National Statistics

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The jobless rate fell to 4.1% in the September-November quarter. That’s down from 4.2% a month ago.

Payrolls continue to grow, with the ONS estimating that employers added 184,000 more workers in December, expanding payrolls to 409,000, or 1.4%, above their pre-Covid-19 levels.

Vacancies in the UK reached a record high again, with 1,247,000 vacancies reported in October-December, as employers continue to struggle to fill positions.

That figure is 462,000 more than the pre-pandemic level, with most sectors posting record numbers of vacancies and the ratio of vacancies to every 100 employee jobs at a record high of 4.1.

Meanwhile, the economic inactivity rate rose by 0.2 percentage points to 21.3%, signaling that more people have dropped out of the labor market.

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