Employment continues to rise; unemployment rate lowest since 2008
The Office for National Statistics has released labour market statistics for April to June 2014, which contain some positive findings. Employment has continued to rise and unemployment has once again fallen, in line with trends over the past couple of years.
Key findings include:
– 167,000 more people are in work than for Jan – Mar 2014, and 820,000 more than a year earlier. The total number of people in work is now 30.6 million
– 132,000 fewer unemployed people than for Jan – Mar 2014, with the unemployment rate at 6.4%
– Average wages excluding bonuses rose by 0.6% this year, and including bonuses wages fell 0.2%, the first fall since 2009
Although the stats appear positive, the Bank of England has pointed to the fall in wages as a cause for concern, and the figures may have an impact on the timing of interest rate decisions. Others, such as the British Chambers of Commerce, have said it’s a sign that the economy is still in a fragile state.
Read the full statistics here