Unemployment falls to lowest for 17 years
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.The number of people out of work fell to its lowest level for 17 years yesterday, offering the prospect of a golden period of strong economic growth, low inflation and falling unemployment, writes Tom Stevenson.
Official jobless figures showed an unexpectedly large fall in the jobless rate by 49,800 to 1.55 million, the lowest unemployment rate since September 1980. Despite the rapid rate of job creation, average earnings increased by only 4.25 per cent in the year to July, the same rate as a month earlier. This helped to calm fears that growth in jobs would stoke wage inflation.
That meant that the Bank of England was able to promise a pause in the recent run of interest rate rises. The Bank said the prospects for inflation were looking bright.
Full details, page 16
Business comment, page 17
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments