Unemployment falls significantly in East of England

Wages should improve as the pool of available employees shrinks but there is little sign of this happening

Young people also appear to be benefiting from the economic lift, with youth unemployment also at its lowest rate since record began in 1992.

The unemployment rate falling to 4.0 percent in the April-June period, marks the lowest rate in the United Kingdom since February 1975, beating economists' forecasts for it to hold steady at a previous low of 4.2 percent.

Unemployment across the United Kingdom has fallen to 1.36 million, its lowest for 40 years, amid a warning that a shrinking labour force is hampering businesses.

Tuesday´s official figures also showed the sharpest annual fall in the number of European Union workers in Britain since 1997, continuing a trend seen since the 2016 Brexit vote.

"With employment up and unemployment down, it may appear that all is rosy, but the prolonged wage squeeze, low productivity growth and continued Brexit uncertainty would suggest that the recent growth in the jobs market can not be sustained much longer".

The number of people in work continued to increase - up by 42,000 to 32.39 million while the claimant count nationally rose 6,200 last month to 906,100, nearly 108,000 more than a year ago.

The UK labor market remained strong in July with the unemployment rate dropping further to 4.0% in July, the lowest level since December 1974-February 1975 3-month average, the Office for National Statistics said on Tuesday. Pay growth excluding bonuses was up 2.7%, the slowest rate since January.

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Flash figures for the second quarter show output per hour rose 0.4%, leaving productivity up just 1.5% year-on-year - below the rates enjoyed before the financial crisis.

The official figures also showed 104,000 people who were employed on "zero-hours" contracts, which do not guarantee a set number of hours per week, left such work.

For years, the economy's been rudely ignoring the economists' theory, with wages sagging even as the unemployment rate hits fresh lows.

This has been partly attributed to confusion among migrant workers as to their employment rights after the United Kingdom leaves the EU. That's the biggest fall in 21 years.

The fall may also be included in the list of reasons of the British Central Bank (BoE) had raised interest rates earlier this month.

"As such, there remains precious little sign that wage growth is set to take off - undermining a key assumption behind the Monetary Policy Committee's recent decision to raise rates". Pay growth is anaemic at best.

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