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The UK unemployment price has remained at four.7% as inflation begins to wipe out wage progress, official figures present.

The variety of folks unemployed fell by 45,000 to 1.56 million within the three months to February, mentioned the Workplace for Nationwide Statistics (ONS).

Common weekly earnings together with bonuses elevated by 2.three%, the identical as within the yr to January.

On Tuesday, figures showed inflation was running at 2.3%, above the Financial institution of England’s 2% goal.

The ONS mentioned in an announcement: “Common weekly earnings for workers elevated by 2.three% together with bonuses and by 2.2% excluding bonuses, in contrast with a yr earlier.

“Nonetheless, adjusted for inflation, common weekly earnings grew by zero.2% together with bonuses and by zero.1% excluding bonuses, over the yr, the slowest price of progress since 2014.”

The variety of folks in work continued to extend – up by 39,000 on the newest quarter to 31.eight million, giving an employment price of 74.6%, the joint highest since information started in 1971.

Work and Pensions Secretary Damian Inexperienced mentioned: “That is one more sturdy set of figures, with unemployment at a price that hasn’t been overwhelmed because the 1970s and extra vacancies than ever earlier than.

“Extra individuals are discovering full-time jobs and common wages have grown but once more, which means extra households have the safety of an everyday wage.”

Nonetheless, Samuel Tombs, chief UK economist at Pantheon Macroeconomics, mentioned: “Households are being caught in an ideal storm of rising inflation and slowing labour earnings progress.”

The unemployment price is at its highest within the North East area at 6.four% and at its lowest within the South East at three.four%.

Sterling rose barely towards the greenback after the figures have been launched and hit a 12-day excessive versus the euro.