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Posted by: In: Business, News 17 May 2017 Comments: 0 Tags: ,

Latest official figures have showed that the UK’s unemployment rate has fallen to a 42-year-low.

The number of jobless people fell by 53,000 to 154 million in the quarter to March. It represents a rate of 4.6%, the lowest since summer 1975.

Employment has increased by 122,000 to almost 32 million, the highest since records began in 1971, reported the Office for National Statistics.

Average earnings increased by 2.4% in the year to March, just 0.1% up on the previous month and below the latest CPI inflation rate of 2.7%

On Tuesday (16 May) figures showed inflation hit 2.7% in April up from 2.3%. It’s highest since September 2013.

UK unemployment rate has hit its lowest rate in more than a decade but wage growth shows a slower rate than forecast.

In the three months to November, UK unemployment rate settled at 5.1%, which is its lowest rate since the three months to October 2005. This is according to the Office for National Statistics.

Over the three-month period, the number of people out of work fell to 1.68 million, showing a 99,000 fall.

However, average weekly earnings that include bonuses were up 2%, which is its slowest increase since February. This was also below the 2.1% growth forecast in a Reuters survey.

The Office for National Statistics also said that average weekly earnings growth, which does not include bonuses, slowed to 1.9%.

Employment rate hit 74%, which is the highest since records began in 1971.

Despite this, the most recent ONS figures state that almost 23 million people are now in a full-time job, which is 436,000 more than the year before. There are also 8.4 million people in part-time jobs, which is an increase of 152,000.

 

 

 

Figures have shown that the UK unemployment rate fell to 5.4% in the three months to August and is now at a seven-year low.

Between June and August, the number of people out of work was 1.77 million, which is down from 79,000 people from the previous quarter. The employment rate is at its highest since records began in 1971 as the number of people in work rose by 140,000 bringing the employment rate to 73.6%.

When compared to the previous year, the amount of people working full-time jobs in the three months to August increased. 22.77 million people were working full-time, which is up 291,000.

Those working in part-time jobs have also increased as it rose by 68,000 to 8.35 million.

The Office for National Statistics (ONS) said that the UK unemployment rate was the lowest jobless rate since the second quarter of 2008.

In terms of income, workers’ total earnings including bonuses were up 3% from the year before. However this was less than expected. With bonuses excluded, growth in average weekly earnings slowed to 2.8%.

Although wage growth remains weaker than before the financial crisis, it has managed to pace faster than the Bank of England predicted earlier in the year.

UK unemployment rose to 1.85 million in the April to June period. This is a rise of 25,000 on the previous quarter.

Despite this rise, over the last 12 months employment levels have continued to be higher with a total of 354,000 more people in work than a year before.

The Office for National Statistics (ONS) figures have suggested that earnings growth is slowing but earnings including bonuses rose 2.4% from a year ago. This compares with 3.2% growth in the March to May period.

There was no change from the previous figure in terms of pay, which still stands at 2.8% in the April to June period. This excludes bonuses.

However, the number of EU nationals who moved to the UK to work over the last year has increased by 12%.

The employment rate is the proportion of people aged 16 to 64 who are in work. The rate is now 73.4%, which is an increase of 72.8% from a year ago. In the UK, unemployment was highest in the North East at 8.1% of England and lowest in the South West 4.4%.

Wage growth recently hit a near four-year high and UK unemployment has fallen yet again, official figures show.

Between February and April, the number of people out of work fell by 43,000 to 1.81 million, said the Office for National Statistics (ONS). In August 2008, the jobless rate was quite low and new figures show that the rate now is steady at 5.5%. This is the lowest it has been since 2008.

In addition to this, wage rises grew at their quickest rate since August 2011 because it rose 2.7%, both including and excluding bonuses. The number of people in work now is significantly higher as there are a total of 31.05 million people with jobs. This is 114,000 more than there were in the previous three-month period.

The new figures show evidence that women who are in work has hit a record high of 68.6%. In turn, the government welcomes the ONS figures.

A sign that interest rates may rise sooner than expected is that the pound rose to a one-month high against the US dollar ($1.57) and therefore, traders believe that wages are rising more quickly than first thought.

However, despite this good news, some economists have warned that strong wage growth might not continue indefinitely because the new figures released on Tuesday had shown that inflation is currently at 0.1%.

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Official figures from the Office for National Statistics (ONS) have shown that UK unemployment has fallen to its lowest rate since July 2008.

Figures show that the number of jobless people has dropped by 76,000 to 1.84 million in the three months to February, the lowest for almost seven years.

unemployment-falls

The UK’S unemployment rate is now 5.6 per cent, a fall of 1.3 per cent since a year ago.

The ONS also reported that 107,000 people were made redundant over the latest three months, little changed on the end of last year but more than 200,000 fewer than the record peak of 311,000 in 2009.

Other data from the ONS showed that more than 31 million people were in work after an increase of more than half a million in the past year, the biggest total since records began in 1971.

 

Some more great news today regarding employment which hopefully further solidifies the UK’s continued growth which is predicted to be as high as 2.8% in 2014.

According to the ONS ,UK unemployment has fallen again by a further 99,000 in the last three months bringing the official figure down to 2.39 million. At 7.4%, this is the lowest it’s been since the Feb-Apr period in 2009.

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Unemployment falls again in the UK.

This 7.4% unemployment rate compares with a figure of 7.6% for the three months to September, his figure is below the rate analysts had been expecting.

The total number of people claiming Jobseeker’s Allowance in November has fallen by 36,700 to 1.27 million.  It worth noting that some of this could be due to seasonal employment for the Christmas period.

The South-east has the lowest unemployment rate in the UK with a rate of 2.4% which is significantly lower than the national average.

weekly pay in the period grew by 0.8% (excluding bonuses) and whilst this sounds good it is still short or inflation which is still higher at 2.1%. Another factor reported today is the number of people in part-time work may still not provide enough to contribute to growth.

All in all though its not a bad report at all and is a positive end to 2013 and the fall is happening faster than predicted by the Bank of England who have pegged any future interest rate rises on unemployment getting down to 7% which they will probably revise again as it was originally set at being reached by 2015.

Heres the link to the full report. The next report is due on the 22nd January 2014 so hopefully the news will be even better in the new year which if it is the case will start the year on a very positive note.