UK Unemployment Rate Falls to Lowest in 48 Years but ‘Bumpier Ride’ Ahead

A "We are recruiting!" sign is seen in the window of a cafe in South Kensington in London, on June 4, 2021. Rob Pinney/Getty Images

The UK’s unemployment rate has dropped to the lowest level in 48 years, but experts say it could well be “the calm before the storm” and the economy may face a “much bumpier ride” ahead.

According to the latest data from the Office for National Statistics (ONS), the rate of unemployment dropped to 3.7 percent in the three months to March, the lowest since October to December 1974.