The unemployment rate in Scotland fell by 1.1% in the third quarter of 2024, according to the Office for National Statistics.

The data from July to September 2024 showed that the unemployment rate fell to 3.3%

Economic inactivity was up in the third quarter, by 0.6%, rising to 23.7% for those between 16 and 64 years of age. This does not match the general UK trends, according to ONS data, which shows that year-on-year, economic inactivity decreased.

The employment rate stayed largely unchanged at 73.7%, according to the data.

Median monthly pay for employed people in Scotland was also up in the year leading to October, increasing by 6.2% to £2,466, though this was lower than the UK average which was at 7%.

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In the UK overall, the number of people reporting redundancy increased over the year since July to September 2023, but decreased in the latest quarter to 3.1 per thousand employees.

In August this year, ONS data revealed that Scottish employment was at a record high, representing the highest number of payrolled employees in Scotland since 2014.

The unemployment rate back in April to July was at 4.4%.

Following those statistics, deputy first minister and cabinet secretary for economy Kate Forbes said that the Scottish government would continue to invest in businesses to shore up employment in the nation.

“We will continue to work with the UK Government where we can, while encouraging them to support investment in Scotland’s economy and an end to spending cuts from Westminster,” she said.

Despite this, Scottish business confidence in October slipped, but only fell in line with the rest of the UK as the country braced for Labour’s first Autumn Budget since being elected to government.