📊 The latest data from the Office for National Statistics shows the UK’s unemployment rate fell to 4.1% from May to July 2024, the lowest since January. Key highlights include:
- Unemployment Rate Falls 📉
• The rate dropped from 4.2% to 4.1%.
• The number of unemployed individuals decreased by 74,000 to 1.44 million. - Rise in Employment 📈
• Employment rose by 265,000, reaching 33.23 million.
• Growth driven primarily by full-time jobs. - Multiple Job Holders 💼
• 3.9% of workers now hold second jobs, indicating economic pressure. - Economic Inactivity Declines 📉
• The economic inactivity rate fell to 21.9%.
🌟 Brickong’s Insight
The UK job market shows promising recovery, with full-time employment rising and economic inactivity declining. However, the increase in second jobholders indicates economic stress. Policymakers should focus on supporting this progress while addressing underlying pressures.
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