The UK unemployment rate fell in the three months to July to 3.6% year on year, the lowest level in 48 years, the Office for National Statistics said.
In a statement, he said that “the unemployment rate has fallen from the 3.8 percent level recorded during the three months ending last June, and while many workers received pay increases to help overcome high inflation, wages in real expression decreased by 2.8 percent. compared to the previous year.
UK consumer price inflation jumped more-than-expected to 10.1% year-on-year in July from 9.4% in June, the highest level in more than four decades.
According to the statement, the economic inactivity rate, which measures the percentage of the population that is neither working nor looking for work, increased by 0.4 percent to reach 21.7 percent, the highest level since January 2017.
UK gross domestic product rose 0.2% m/m, below analysts’ estimates of 0.4%, compared with a 0.6% contraction in June.
The degree of pessimism about the British economy has increased towards recession, and the Bank of England expected a recession to start in the last quarter of this year and last until early 2024.
Source: El Iktisad
