World Trade Organization

UK unemployment rate falls to 42-year low but wages subdued

Household incomes in Britain are being squeezed even though unemployment has fallen to its lowest level since the mid-1970s, official figures showed Wednesday, conflicting developments that accentuate the uncertainties policymakers are grappling with as the country's exit from the European Union looms nearer.

In its monthly update on the labor market, the Office for National Statistics said the unemployment rate between March and May fell to 4.5 percent, down 0.2 percentage point from the previous three-month period. The rate is now at its lowest level since 1975.

The number of people out of work declined by 64,000 during the quarter to 1.49 million, and the employment rate,...

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