2018.08.1406:24:00UTC+00UK Jobless Rate Lowest Since 1975

The UK unemployment rate dropped to a new low in the second quarter, the Office for National Statistics reported Tuesday.

The ILO jobless rate came in at 4 percent in the second quarter, the lowest since February 1975. The rate was expected to remain unchanged at 4.2 percent.

There were 1.36 million unemployed people, which was about 65,000 fewer than for first quarter.

At the same time, the employment rate held steady at 75.6 percent in the second quarter. The number of employed increased by 42,000 from previous quarter to 32.39 million.

Average earnings including bonus grew 2.4 percent annually in the second quarter. Earnings excluding bonus, rose 2.7 percent.

The unemployment rate for youth aged from 16 to 24 years was 11.3 percent, the lowest youth unemployment rate since comparable records began in 1992.

Further, data showed that the claimant count rate remained unchanged at 2.5 percent in July and the number of people claiming unemployment benefits increased by 6,200 from the previous month.