The jobless rate fell to 4.7 percent from 4.8 percent, marking its lowest level since the summer of 2005, the ONS said. The ONS said the unemployment rate was last lower in 1975. Economists polled by Reuters had expected no change in the rate. The BoE has said it expects unemployment could fall as low as 4.5 percent before it starts to push up inflation.
UK wage growth weakens but jobless rate lowest since 2005
Inflation gnawed away at British pay growth in the three months to January, an unpromising sign for the economy ahead of its divorce from the European Union even as the unemployment rate fell to its lowest level since 2005. Pay growth, adjusted for inflation, halved to just 0.7 percent, the lowest since October 2014, which was shortly before inflation plunged to just below zero and made it easier for households to cope with slow pay growth.
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