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UK unemployment reaches 40-year low

16 August 2018

The drop came despite a smaller-than-expected number of jobs created over the three-month period, of 42,000 - less than half the average forecast by economists.

Youth unemployment is also at its lowest level since records began in 1992 says the Office of National Statistics with 492,000 unemployed people between the ages of 16-24.

The British unemployment rate shrugged off Brexit worries to reach a low not seen for 43 years, according to data released on Tuesday.

Record rates of ethnic minority people in work also show that more families across our society are benefiting from the security of a job, with wages also on the increase.

The UK unemployment rate has fallen to a 43-year-low but pay growth has slowed to the weakest rate in nearly a year, according to official figures released on Tuesday.

Office for National Statistics (ONS) data shows unemployment fell by nearly 20% to 102,000 in the region between April and June, giving an unemployment rate of 3.2% - below the United Kingdom average of 4%.

The number of people in work also increased over the three months from April to June, with 32.39 million people in work.

There were 780,000 people on zero-hours contracts in their main job, 104,000 fewer than a year earlier.

Output per hour worked grew by 1.5 per cent year-on-year in the April-June period, the biggest increase since late 2016 after a 0.9 per cent rise in the first quarter of 2018.

The fall in European Union migrant labour was accompanied by a boost in pay for workers in the UK.

United Kingdom unemployment hits fresh lowWages grow by 0.4%.

Earlier this month, the Bank of England raised interest rates for only the second time in 10 years, as it sought to manage inflation amid signs of a strengthening United Kingdom economy.

"Despite the further tightening of the labor market, earnings growth remained weak - indeed both total and regular earnings growth softened in the three months to June", said Howard Archer, chief economic adviser to the EY ITEM Club.

"Achieving sustained increases in wage growth remains a key challenge, with sluggish productivity, underemployment and the myriad of high upfront business costs weighing down on pay settlements", he said.

UK unemployment reaches 40-year low