Economic Buzz: UK Unemployment Rate Falls To 3.5%

11 Oct 2022 , 01:57 PM

The UK jobless rate eased unexpectedly to the lowest since 1974 and more people dropped out of workforce making it difficult for businesses to find employees to fill vacancies, official data showed. The jobless rate fell to 3.5 percent in three months to August from 3.6 percent in three months to July, the Office for National Statistics reported. The economic inactivity rate increased 0.6 percentage points to 21.7 percent in the June to August period. The ONS said the quarterly increase was driven by people remaining inactive because they are long-term sick or because they are students. Data showed that the estimated number of vacancies fell by 46,000 on the quarter to 1,246,000 in the July to September period. Average earnings including bonuses grew 6.0 percent from last year in the three months to August compared to the expected increase of 5.9 percent. In September, the jobless claims increased 25,500 from August, much bigger than the expected increase of 4,200. The claimant count held steady at 3.9 percent. Payrolled employment showed another monthly increase of 69,000 to a record 29.7 million in September. Powered by Commodity Insights