The Scottish jobs market continued to outperform the UK in the latest period when unemployment fell on both sides of the border amid growing turbulence in credit markets.

Despite fears that challenging times could take a heavy toll on jobs, official figures showing that unemployment fell on both key measures and vacancies increased provided relief after a barrage of bad news on the economic front.

With wages growth remaining modest the Office for National Statistics data could also provide ammunition for doves at the Bank of England, who favour further cuts in interest rates to help stave off the threat of a marked downturn in the economy.

Highlighting the fact that February's figures were revised to show the first rise in the numbers claiming jobseekers' allowance since autumn 2006, economists warned there could be trouble on the way, which the Bank could help head off.

"The latest UK labour market figures bring further tentative evidence that the economic slowdown is starting to dent labour market activity," said Vicky Redwood, UK specialist at Capital Economics, who noted recent surveys showed employers intended to cut recruitment.

"Overall, the labour market remains in fairly good health - but the unambiguous robustness seen just a few months ago is starting to fade."

However, while specialists note that the labour market tends to lag other economic developments, the latest figures will increase confidence that the UK's labour markets should be fit for the challenges posed by the global credit crunch.

In Scotland, there appears to be no sign of a marked change in conditions following a long period during which high employment rates have helped underpin the strong housing and retail markets. These were key contributors to a period of relatively strong growth in the Scottish economy last year.

Survey data in recent months has indicated that Scottish consumers remain in much better heart than their peers south of the border. On Monday, surveyors reported that Scotland was the only area of the UK in which house prices increased in March.

The ONS reported that claimant count unemployment fell by 300 in Scotland in March to 68,700, down 11,600 on the same month last year. The fall left the claimant count rate unchanged at a record low of 2.5%.

On the government's preferred survey-based International Labour Organisation (ILO) measure the number unemployed fell by 1000 in the quarter to February, to 130,000, down 9000 on the same period last year. The ILO unemployment rate remained at 4.9% in Scotland, down 0.4 percentage points on the year.

The numbers in employment fell by 4000 in the quarter but increased by 15,000 on the year. The employment rate increased by 0.1 percentage points, to 76.5%, compared with 74.9% in UK.

David Cairns, Minister of State for Scotland, said the rate was higher than almost all countries within the EU.

In a sign that the UK may be closing the gap on Scotland, the ILO unemployment rate in the UK fell by 0.1 percentage points in the quarter to 5.2%. The numbers unemployed fell by 39,000 in the latest three months, and 90,000 in the year, to 1,610,000.

Across the UK employment increased by 152,000 to 29.51 million in the three months to February, its highest since comparable records began in 1971.

The number of vacancies increased by 12,000 in the quarter and 52,000 in the year, to 687,600.

The ONS said average earnings rose at an annual rate of 3.7% in the three months to February, down from an upwardly revised 3.9% increase in the three months to January. Analysts had forecast a reading of 3.6%.

Excluding bonuses, the rate increased by 0.1 percentage points to 3.8% in the three months to February, the highest since November 2006.

However, David Page, an economist at Investec, reckoned: "Average earnings was a bit stronger than expected but not enough to worry the Bank of England."

Page highlighted the revision to February's figures, following seasonal adjustment, showing that UK claimant count unemployment increased by 600. This broke a 17-month run of falls. Page said the increase reflected a slowing economy.

In Scotland claimant count unemployment increased by 500, to 69,000, in February, after 19 monthy falls. ONS had reported previously that claimant count unemployment fell by 600 in February.