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.
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.