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Home News Workforce

UK Unemployment Drops to Lowest Rate for Almost 50 Years

The UK’s unemployment rate has dropped unexpectedly, reaching an almost 50-year low. But this is leading to concerns over labor shortages, which is restricting company expansion.

Jo MeunierbyJo Meunier
October 11, 2022
in Workforce
Reading Time: 1 min read
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UK Unemployment Drops to Lowest Rate for Almost 50 Years

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The UK’s unemployment rate has dropped unexpectedly, reaching an almost 50-year low. 

3.5% of adults were looking for work in the three months through August, down from 3.6% the month before. The rate hasn’t been this low since 1974. 

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However, the number of people not looking for work due to long-term illness has hit a record high.  

This comes as many firms are struggling to recruit, leading to concerns over labor shortages which is restricting company expansion. 

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Furthermore, the squeeze on pay remains, with rises in regular wages failing to keep up with the rising cost of living. 

“The UK is facing the tightest labor market in years,” said David Bharier, head of research at the British Chambers of Commerce. “Shortages are holding back the ability of many businesses to service existing customers and grow.”  

Source: Yahoo
Tags: BusinessWorkforce
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Jo Meunier

Jo Meunier

Jo is Allwork.Space's Senior Editor for the UK and Europe. Jo has worked within business centre and coworking circles since 2009, researching and contributing written features for numerous industry publications. She reports on the latest market news and delves into local issues with one main objective: to champion the flexible workspace industry and its members.

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