UK unemployment at 15-month low

UK unemployment is at a 15-month low, reports marketwatch.com.

According to the Office for National Statistics (ONS), unemployment rates are currently the lowest they have been in Britain since 2011 – with the unemployment rate falling from 8.1 per cent to 7.9 per cent in the three months leading up to August.

The number of people who have jobs in London and the rest of Britain currently is also the highest it’s ever been since records began in 1971, with 29.59 million people Britons currently in employment.

Economist Rob Carnell told guardian.co.uk: “Once again, UK data has rebutted the claim that the UK is as bad as some of the eurozone’s struggling economies.” He also said that he hoped this would signal a recovery to the jobs industry.

ONS data also showed that wages have increased – with average earnings rising by 1.7 per cent in the three months leading up to August. This is still below the rate of inflation however, which stands at 2.2 per cent.

Youth unemployment has also eased in the same time period. The number of 16 – 24-year-olds not in employment fell to less than a million in the three months before August. This is an improvement of 62,000 from the figures that were released for the months of March to May.

by Samantha Bartlett on October 17, 2012

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