UK unemployment rate lowest since 1975

This is correlated, however, with wages not able to keep up with the rate of inflation.

In the three months to the end of October, unemployment stood 4.3%, according to the Office for National Statistics (ONS). The same rate was for the previous period of the three months to September.

Weekly earnings have risen by 2.5% year-on-year in the three months to October but is lagging behind the British inflation rate of 3.1%.

This six-year high inflation rate sees import costs increase, which led the Bank of England increase in its key interest rate for the first time in a decade last month.

The ONS also stated that there was a drop of 56,000 in the number of people at work to just over 32 million, which was the biggest quarterly decline in just over two years.

1.4 million people were unemployed at the end of October, down 26,000 from the same period last year.

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