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<p>Labour demand remains strong. The unemployment rate fell to 3.6% in the three months
to July, its lowest rate since 1974. Redundancies are close to record lows, 40% below
pre-pandemic levels.</p><p>The latest data indicates that nominal pay growth was 5.5%
in three months to July.</p><p>There are now more vacancies (up 54% on pre-pandemic
levels) than unemployed people for the first time. The Growth Plan announces measures
to get more people back into work which, together with the agenda to boost productivity,
will drive higher employment, wages and economic growth.</p>
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