UK Unemployment Rate Lowest Since 1975

UK Unemployment Rate Lowest Since 1975

The UK jobless rate dropped unexpectedly in three months to July, data from the Office for National Statistics showed Wednesday.

The jobless rate fell to 4.3 percent, the lowest since 1975, the ONS said. Economists had forecast the rate to remain unchanged at 4.4 percent, as seen in three months to June.

There were 1.46 million unemployed people in May to July period, down by 75,000 from three months to April.

The employment rate came in at 75.3 percent, the highest since records began in 1971.

In August, the claimant count held steady at 2.3 percent. The number of people claiming unemployment benefits fell 2,800 after declining 2,900 in July.

Average earnings including bonus climbed 2.1 percent from the previous year, slower than the expected rate of 2.3 percent.