Unemployment level hits lowest level in 50 years

Data from the Office of National Statistics has revealed the unemployment rate in the UK has dropped to the lowest level in nearly 50 years.

The ONS said that the rate of joblessness has reduced  by 3.5 per cent in the three months up to August 2022 - the lowest rate since the start of 1974.

The ONS also said that regular pay grew at an annual rate of 5.4 per cent in the June to August period.

The latest data from the ONS also looked at the number of vacancies from July to September 2022, a figure which fell.

The estimated number of vacancies fell by 46,000 on the quarter to 1,246,000, this is the largest fall on the quarter since June to August 2020.

An ONS spokesperson said: “Despite three consecutive quarterly falls, the number of vacancies remain at historically high levels.

ONS head of labour market and household statistics David Freeman said the number of people neither working nor looking for work continued to rise.

He said: "While the number of job vacancies remains high after its long period of rapid growth, it has now dropped back a little, with a number of employers telling us they’ve reduced recruitment due to a variety of economic pressures."