UK unemployment rate falls to lowest levels since 1974

Down 0.3 percentage points

The UK's rate of unemployment fell to its lowest level in almost 50 years, driven by a record number of people suffering from long-term illnesses.

The UK unemployment figure reached 3.5% from June to August 2022, down 0.3 percentage points on the previous quarter, data from the Office for National Statistics found, driven by what it called an increased rate of "economic inactivity".  In the report, the ONS said the levels of people not contributing to the economy increased by 0.6 percentage points, up to 21.7% over the summer. Those aged 50 to 64 years and 16 to 24 years were the main contributors. The quarterly rise was driven by people economically inactive because due to long-term sickness or because they are students. Number...