Unemployment falls to lowest point in 48 years but pay lags behind inflation amid cost of living crisis

EPA

Unemployment in the UK fell over the last three months to the lowest rate since 1974.

The number of workers on payrolls rose by 71,000 between July and August to 29.7 million, according to Office for National Statisics (ONS) data.

The unemployment rate for May to July 2022 fell from 3.8 per cent the previous quarter to 3.6 per cent, the lowest rate since May to July 1974.