Strong performance of UK labour market continued into March

UK employment rate is up to a new record high. Granted, a strong expansion in the workforce meant that unemployment fell by just 35,000 - the smallest fall since August 2013. But this was still sufficient to bring the ILO unemployment rate down another notch, from 5.6% to 5.5% in the three months to March. 

Meanwhile, the headline (three month average) rate of annual growth in average weekly earnings picked up from 1.7% to 1.9% in March. And the rate excluding bonuses accelerated from 1.9% to 2.2%, its strongest level since June 2011. (Data released on Wednesday.)