Unemployment at lowest level since 1974 amid ‘alarming’ rise in long-term sick – live updates

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Ggood morning.

UK unemployment has fallen to its lowest level in nearly 50 years as more Britons left the workforce.

The latest figures from the ONS showed that 3.6 pc. of adults were unemployed and looking for a job in the three months to the end of July, against 3.8 pc. in the previous quarter.

It came as more people were classified as economically inactive or no longer looking for work. Increases in long-term illness and relocations to education meant that 194,000 people left the workforce.

The data also showed that real wages fell to their lowest point in nearly two decades as inflation continued to outpace wage increases.

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5 things to start your day with

1) Trains run through the night as mourners travel to London – Plans for additional train services have been finalized as thousands are expected to flock to the capital for Queen Elizabeth’s funeral

2) UK teetering on the brink of recession after ‘weak’ recovery – GDP grew just 0.2 percent in July, official data shows, falling below economists’ expectations

3) Covid lockdowns and China help enslave 50 million people – Another 10 million people trapped in forced labor in the past five years, UN agency warns

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4) Apple lets iPhone users delete and edit text messages – The tech giant is updating its iPhone iOS to allow users to edit a post for 15 minutes

5) German recession looms as Putin ‘destroys’ economy – Eurozone’s largest economy is expected to take two years to fully recover from inflation shock

What happened overnight?

Asian stocks rose Tuesday as traders in Korea returned from vacation in a mood to catch up with the global recovery, while other markets held steady ahead of US inflation data that will provide a crucial guide to the interest rate outlook.

Wall Street indices posted a fourth straight session of gains overnight as the US dollar retreated further from landmark highs – in part in hopes that price data expected at 12:30 p.m. GMT would provide another signal. indicate that inflation has peaked.

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MSCI’s widest index of Asia-Pacific stocks outside of Japan rose 0.6 percent, led by a 2 percent jump for South Korea’s Kospi. The Japanese Nikkei traded at 0.3 pc.

coming today

For Business: Petra Diamonds (annual results), Haworth Group, JTC, Trustpilot (interims), Ocado Group (trading statement)

Economy: Inflation (US, Germany), unemployment rate (UK), change in number of applicants (UK), average income (UK), economic sentiment (EU), monthly budget statement (US)