UK unemployment just dipped to 5.6%

George OsborneREUTERS/Stefan WermuthBritain’s Chancellor of the Exchequer, George Osborne, speaks with children who entered a competition to design the new 1-pound coin, at number 11 Downing Street in London March 17, 2015.

UK unemployment figures for February are just out, and the headline figure dropped.

Analysts were vindicated after expecting unemployment to fall from 5.7% in January.

Employment hit a new record proportion again too: 73.4% of people aged 16-64 were in work in February, the highest share since records began in 1971.

Average weekly earnings rose 1.7% in nominal terms, just slightly lower than the 1.8% that was expected.

Wage growth generally has been extremely weak in recent years, struggling to keep up with inflation. However, with oil prices plunging recently, the consumer price index is no longer rising, and the UK is seeing real wage growth.

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