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UK jobless rate holds at 3.7%, close to lowest level in 50 years

Economists polled by Reuters had expected the rate to remain at 3.7%
Economists polled by Reuters had expected the rate to remain at 3.7%

Britain's unemployment rate held at 3.7% in the three months to December, the Office for National Statistics said today.

Economists polled by Reuters had expected the rate to remain at 3.7%, not far above its lowest level in almost 50 years.

The ONS also said pay including bonuses rose by an annual 5.9% in the October-to-December period while pay excluding bonuses rose by 6.7%.

Economists polled by Reuters had expected total pay to rise by 6.2% and the ex-bonuses measure to increase by 6.5%.

The pace of pay growth in Britain is being monitored closely by the Bank of England as it gauges how much higher to raise interest rates.