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UK unemployment lowest since 1974

Britain’s unemployment rate fell to its lowest level since 1974 as more people dropped out of the workforce.

The government said 3.6 per cent of adults were out of work and looking for jobs in the three months from July, down from the pace of 3.8 per cent in the previous months. Economists did not expect any change.

Read more: Who is the ‘hardworking’ Princess Anne, the only daughter of Queen Elizabeth II?

The decline was driven by a sharp increase in people who are financially inactive, or not looking for jobs. A total of 194,000 people left the workforce due to an increase in long-term illness and young people moving to education.

  • Employment increased by 40,000 in July, less than the 125,000 economists had expected
  • Real wages adjusted for inflation fell 2.8% in the quarter from July, slower than the decline in previous months
  • Job vacancies dropped by 34,000 compared to the previous quarter, the biggest drop since the summer of 2020.

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