The unemployment rate is declining and is currently at its lowest level since 1974, according to ONS head of labor market and household statistics David Freeman.
However, the number of people who are not working and not looking for work continues to rise, with those who claim to be linked to chronic illness reaching a new high.
Queen Elizabeth II appoints Liz Truss as new British Prime Minister; View visuals
Liz Truss, the new Prime Minister of Great Britain
Queen Elizabeth II has appointed Liz Truss as the new British Prime Minister.
He also said that while the number of vacancies remains high after a long period of active development, it has slowed down a bit, with several firms reporting that they have reduced recruitment due to a number of economic factors.
However, although unemployment is also falling, there are still more vacancies than unemployed.
According to the ONS, the main UK labor market indicators from June to August show unemployment at 3.5 percent.
Economists had forecast that the unemployment rate would remain stable at 3.6 percent, hit in the previous quarter.
The employment rate was 75.5% from June to August, according to the ONS, with 21.7% of those aged 16 to 64 not working or looking for work.
Frequently asked Questions
What is ONS?
Statistics UK, a non-ministerial agency reporting directly to Parliament, is led by the Office for National Statistics.
Why is the UK unemployment rate the lowest since 1974?
ONS Head of Labor Market and Household Statistics David Freeman said: “Unemployment continues to fall and is now at its lowest level in nearly 50 years. However, the number of people who are not working and not looking for work continues to grow, and those who say it is because they are long-term sick, reaching a record level.
Disclaimer: This content is created by an external agency. The views expressed here are those of the respective authors/organizations and do not reflect the views of the Economic Times (ET). ET does not warrant, endorse or endorse any of its content, nor does it bear any responsibility for it. Please take all necessary steps to ensure that any information and content provided is correct, updated and verified. ET hereby disclaims any and all warranties, express or implied, with respect to the report and any of its contents.