Unemployment in the UK has fallen to its lowest level in almost 50 years as more Britons have left the workforce. The latest ONS figures showed 3.6% of adults were unemployed and looking for work in the quarter to the end of July, up from 3.8% in the previous quarter. It came as more people were classified as economically inactive or stopped looking for work. The increase in long-term illness and the shift to education meant that 194,000 people left the workforce. The data also showed that real wages fell to their lowest level in nearly two decades as inflation continued to outpace wage rises.

5 things to start your day

  1. Trains to run through the night as mourners travel to London – Plans for extra train services have been finalized as thousands are expected to flock to the capital for Queen Elizabeth’s funeral
  2. UK on brink of recession after ‘weak’ recovery – GDP rose just 0.2% in July, official figures reveal, below economists’ expectations
  3. Covid and China lockdowns help push 50 million people into slavery – Another 10 million people trapped in forced labor in past five years, UN agency warns
  4. Apple Lets iPhone Users Delete and Edit Text Messages – Tech giant updates iPhone iOS so users can edit a message for 15 minutes
  5. German recession looms as Putin ‘wreaks havoc’ on economy – Eurozone’s biggest economy expected to take two years to fully recover from inflation shock

What happened in the night

Asian shares rose on Tuesday as investors in Korea returned from vacation eager to catch up on a global recovery, while other markets were steady ahead of U.S. inflation data that will provide a crucial guide to the outlook. of interest rates. Wall Street indices posted a fourth consecutive session of overnight gains, while the US dollar retreated further from record highs – partly on hopes that data on prices, due at 12.30pm. GMT, may offer another signal that inflation has peaked. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.6 percent, led by a 2 percent jump in South Korea’s Kospi. Japan’s Nikkei returned 0.3%.

It’s coming today

Corporate: Petra Diamonds (full year results), Haworth Group, JTC, Trustpilot (interim), Ocado Group (trading statement) Economics: Inflation (US, Germany), unemployment rate (UK), change in number of applicants (UK), average earnings (UK), economic climate (EU), monthly budget statement (US)