14 September 2022 - Unemployment lowest since 1974

Unemployment fell again in August to its lowest level since 1975. However, the rate of decline slowed considerably. It is likely that the post-Pandemic boom that was exacerbated by the lack of EU migrants who returned home following Brexit is coming to an end. The phenomenon of job-hopping, where workers change jobs more regularly to take advantage of higher wages on offer due to shortages in certain sectors is beginning to slow. This is something that has been seen in the United States and has found its way into the UK jobs market. The unemployment rate fell to 3.6% in the three months to August, down from 3.8% the previous month. Average earnings jumped above 5% rising to 5.2% up from 4.7% in July.