UK jobless rate holds at 3.7%

LONDON  – Britain’s unemployment rate held at 3.7 percent in the three months to December, the Office for National Statistics said on Tuesday.

Economists polled by Reuters had expected the rate to remain at 3.7 percent, not far above its lowest level in almost 50 years.

The ONS also said pay including bonuses rose by an annual 5.9 percent in the October-to-December period while pay excluding bonuses rose by 6.7 percent.

Economists polled by Reuters had expected total pay to rise by 6.2 percent and the ex-bonuses measure to increase by 6.5 percent.

The pace of pay growth in Britain is being monitored closely by the Bank of England as it gauges how much higher to raise interest rates.