UK unemployment at lowest rate for 48 years, figures show
One reason for the fall in the unemployment rate is a rise in the number of people who are no longer looking for work, and so not counted in the figure. The inactivity rate rose to 21.7%, the highest since 2017.
"There are still very large numbers of vacancies and people are still advertising a lot of jobs, and that's why we've seen unemployment continue to go down. Average regular pay growth for the private sector was 6% in May to July, compared with 2% for the public sector. According to the ONS, that is the largest ever difference between private and public sector, outside of the height of the pandemic period.Businesses have warned that the squeezed labour market is having a detrimental effect.
"During a period of increasing inflation, and a stagnant economy, we cannot afford to let recruitment problems further dampen growth."
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