More Britons Quit Jobs Market, Cutting Unemployment Rate but Worsening Worker Shortage
More British workers have quit the jobs market, causing the UK’s unemployment rate to hit its lowest level in 48 years but also worsening the already severe labour shortages.
According to the latest data released by the Office for National Statistics (ONS) on Sept. 13, those classed as economically inactive rose by 194,000 to 9 million during the three-month period from May to July 2022, mostly because of rising numbers of long-term sick as well as students, which have led to a shrinking labour market.
The increase in Britain’s economically inactive population in the past few years has also been attributed to many older workers choosing to retire early throughout the COVID-19 pandemic….