UK unemployment hits lowest since 1974 but jobs boom is fading

Britain's jobless rate hit its lowest since 1974 but the drop was due mostly to a fall in the size of the workforce and there were other signs that the country's jobs boom is petering out, adding to the Bank of England's inflation headache.
 

The unemployment rate sank to 3.6 per cent in the three months to July, the Office for National Statistics said. Economists polled by Reuters had expected it to hold at 3.8 per cent.

However, the fall was not a sign of health in Britain's economy which is at risk of a recession.

The number of people in employment