SCOTTISH UNEMPLOYMENT FALLS TO RECORD LOW

Scotland’s unemployment rate has fallen to a record low, official figures show.

The Office for National Statistics (ONS) found that the unemployment rate for those aged 16 and over was 3.1% between May and July.

This was down on the period between April and June this year when the rate was 3.2%, and is the lowest level since records began in 1992.

The UK unemployment rate was 3.6% over the same period – its lowest level since 1974. However, the squeeze on pay remains, with rises in regular pay failing to keep up with the rising cost of living.

When taking the rise in prices into account, the value of regular pay fell by 2.8%, the ONS said.

Inflation – a measure of prices rising – remains at a 40 year high of 10.1%. The latest inflation figure, due out on Wednesday, is forecast to be higher.

Meanwhile, the employment rate for those aged 16 to 64 in Scotland was 75.2% between May and July, which was 0.3% down on the previous quarter. This was below the UK-wide employment rate of 75.4% for that age group.