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%.