Fresh data has shown falling unemployment and growing wages, but experts warn the figures obscure a worrying outlook for the British economy.
The UK unemployment rate fell to its lowest level since 1974 at 3.7 per cent in the three months to April, while workers on average saw a 4.2 per cent jump in regular pay and a 7 per cent hike when including bonuses, the Office for National Statistics said.
However, the headline fall in unemployment and growing wages does not demonstrate a more important economic reality – fewer people in work than before the pandemic and costs rising faster than pay.
ONS figures show the UK unemployment rate is at its lowest level since 1974 at just 3.7%
Thomas Pugh, economist at RSM UK, said: ‘At face value, the 118,000 drop in the number of unemployed…