Economy

United Kingdom jobless rate falls to lowest since 1975 but pay growth weakens

United Kingdom jobless rate falls to lowest since 1975 but pay growth weakens

Unemployment has fallen to a 40-year low as the number of European Union nationals working in the United Kingdom drops.

Experts said the numbers revealed the highest amount of vacancies since records began in 2001.

The BoE raised interest rates on August 2 for only the second time since the financial crisis.

The UK's unemployment rate, those not in work but who want a job, dropped from 4.2% over the previous three month period.

The drop came despite a smaller-than-expected number of jobs created over the three-month period of 42,000.

The ONS said the UK-wide unemployment rate of 4% had not been lower since February 1975, while the number of people aged 16 to 24 looking for work was the lowest since records began in 1992.

Annual wage growth, however, slowed to a nine-month low of 2.4 percent.

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"Latest estimates show that average weekly earnings for employees in Great Britain in real terms (that is, adjusted for price inflation) increased by 0.4% excluding bonuses, and by 0.1% including bonuses, compared with a year earlier", the Office for National Statistics said in the report. Total earnings for British workers excluding bonuses rose by 2.7% as expected, but earnings including bonuses increased by just 2.4%, below forecasts.

There were 2.64 million Scots with a job bertween April and June, a rise of 12,000 over the previous period.

"However, the number of vacancies is a new record high, while the unemployment rate is now at its lowest since the winter of 1974-75".

But the numbers hinted that, as the employment market is growing, the United Kingdom workforce is shrinking - partly due to Brexit.

'The growth in employment is still being driven by United Kingdom nationals, with a noticeable drop over the past ym the so-called A8 eastern European countries in particular'. That was party offset by a 54,000 increase in Romanians and Bulgarians.

The percentage of workers employed on a zero-hours contract is now 2.4 per cent, down from 2.8 per cent a year ago.


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