For May to July, the Welsh unemployment rate fell 0.6 percentage points compared with the previous quarter - the second biggest fall in the UK after the south-west of England, which includes Bristol.
The latest statistics show that unemployment in Wales is at 3.8% and the UK average is 4%.
Chris Davies MP said:
For many years it has been widely accepted that unemployment in Wales is and will continue to be higher than the UK average. We have now broken that consensus, with unemployment in Wales at 3.8% compared to the UK average of 4%. This is brilliant news.
Last year the Secretary of State for Wales, RT Hon Alun Cairns MP announced that the Government was going to scrap the Severn Bridge tolls to help increase travel between Wales and the South West.
The only other region in the UK to have a steeper fall in unemployment is the South West of England. This is an area closely linked with the Welsh economy through trade and investment, and is an area the British Government are keen to further links with in order to continue our economic growth.
To see Wales and the West of England’s economies growing and employment rising shows that the Government’s economic plan is working. Unemployment is at its lowest since the 1970s, with record numbers of people in the workforce.
Aston Martin have just announced a new £50m investment in their new St Athan facility. These are the sorts of investments that are improving the Welsh economy and our close connections with our English colleagues across the border are vital to helping us succeed.