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Economics

U.K. Unemployment Drops Below Pre-Covid Level for First Time

Companies create more jobs and higher wages than expected
Figures may embolden Bank of England to raise interest rates

The U.K. jobless rate fell to 3.9% in the three months through January. — The U.K. jobless rate fell to 3.9% in the three months through January.
Photographer: Jason Alden/Bloomberg

By

David Goodman and

March 15, 2022, 7:16 AM UTCUpdated onMarch 15, 2022, 7:30 AM UTC

U.K. unemployment dropped below its pre-pandemic level for the first time as companies generated more jobs and granted higher wages than expected.

The jobless rate fell to 3.9% in the three months through January, the lowest since the start of 2020, the Office for National Statistics said Tuesday. Employers added 275,000 jobs in February, more than double the number predicted by economists.