UK unemployment hits 48-year low

Unemployment data has just been released in the UK, which reports that the unemployment rate has fallen to its lowest level since 1974 as more people leave the labor market, adding pressure on wages, and threatening to exacerbate the inflation crisis.

Data from the Office for National Statistics released today, Tuesday, showed that the unemployment rate in the United Kingdom fell to 3.6% during the period from May to July, its lowest level in 48 years, compared to expectations of stabilizing at the level of 3.8% recorded during the period from April to June.

The ONS said in a statement that the change was driven by an increase in the number of people classified as long-term sick, as well as a rise in students leaving the labor market in order to return to education.