Unemployment in UK at its lowest in 48 years

London Despite the energy crisis, UK unemployment has fallen to its lowest level since 1974. In the May-July period, the unemployment rate fell to 3.6 percent, according to official data released on Tuesday. Experts polled by Reuters had expected a flat rate of 3.8 percent.

The number of employees increased by only 40,000. Experts had expected an increase of 128,000 here.

At the same time, regular salaries rose by 5.2 percent compared to the same period last year and thus slightly more than expected by economists, who had 5.0 percent on the slip. However, the high inflation is reducing the purchasing power of the British: The inflation rate in the United Kingdom is expected to rise to 10.2 percent in August.

The central bank is raising interest rates to counter the rise in prices. Due to the mourning period following the death of Queen Elizabeth II, the interest rate meeting was postponed from Thursday to September 22nd.