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UK Employment Surges To Record High In December, Pay Growth Fastest Since 2008

The UK employment hit a record high in December and wages grew at their fastest pace in a decade, figures from the Office for National Statistics showed on Tuesday.

The employment rose by 167,000 to a record high of 32.60 million in the three months to December. Economists were looking for an increase of 152,000.

The employment rate remained at 75.8 percent, which was the highest since comparable records began in 1971.

The number of unemployed fell by 14,000 to 1.36 million from the July to September period.

The ILO jobless rate was unchanged at 4 percent in the three months to December, which was the lowest since December 1974 to February 1975 period. Economists had expected the rate to remain steady.

The unadjusted average weekly earnings excluding bonuses grew 3.4 percent year-on-year, unchanged from November, which was revised from 3.3 percent. The reading matched economists' expectations.

Including bonuses, earnings rose 3.4 percent from a year ago, which was the largest increase since July 2008. Economists had expected a 3.5 percent increase.

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