Unemployment drops

Unemployment in the UK has fallen to its lowest level since 1974, standing at 3.6% in the three months to July.

The Office for National Statistics said the number of people in employment grew by 40,000 in the May-July period.

One of the main drivers, if not the main driver, for the reduction in unemployment n appears to be that a substantial number of over-60's have decided to take early retirement. This will have major implications for the labour market and suggests we need to think even harder about how to improve productivity and about the manner in which people retire.

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