Unemployment rate unchanged at 3.7%

The latest figures released by the ONS this morning show that the UK’s unemployment rate has remained unchanged despite the tough economic landscape, remaining at 3.7% until January.

However, the rate of basic pay dipped to 6.5% versus 6.7% the previous month.

Bradley Post, CEO of finance experts, RIFT, commented: “Given the current economic outlook, a third consecutive freeze in the level of unemployment seen across the UK is certainly positive and demonstrates the resilience in our labour market.

“However, growth in the basic rate of pay dipped for the first time in around a year and this will be cause for concern for many households who are already stretched extremely thin financially, with the current high cost of living showing no signs of easing anytime soon.

“Fingers will be firmly crossed that some relief will come via this week’s spring statement, but a reduction in earnings growth is the last thing anyone wants to see, or can afford, at present.”