These are external links and will open in a new window Close share panel Image copyright Getty Images UK unemployment fell by 3, to 1. The number of those in work increased sharply and wages rose at their fastest rate in almost a year, the Office for National Statistics said.
The latest unemployment figures reflect an improvement in the labour market Photograph: Bloomberg via Getty Images Howard Archer, chief UK economist at IHS Global Insight The labour market is still seeing healthy improvement, with the latest figures indicating some strengthening in job creation following moderation in the latter months of In particular, employment rose byin the three months to December, having been up by 37, in the three months to November which had been the smallest three monthly rise since March-May In addition, the number of claimant-count unemployed fell at an increased rate of 38, in January, which was the largest drop since last June.
Unemployment on the ILO measure fell by a very decent 97, in the three months to December, taking the unemployment rate down to 5.
We expect unemployment to continue to trend downward throughat a pretty steady rate. Specifically, we project the unemployment rate to fall to 5. Expected ongoing healthy economic growth is seen supporting demand for labour, but rising productivity is expected to limit the fall in unemployment.
It is also evident that in some sectors, companies are now finding it harder to get the skilled and experienced workers that they need. Matthew Whittaker, chief economist at the Resolution Foundation Tumbling inflation and the return of modest pay growth in the private sector at the end of last year has provided much-needed relief to workers, following six years of falling wages.
Further falls in inflation provide a propitious backdrop for a long overdue bounce back in pay. But the strength of pay rises might be set to vary by sector once again. Finance is recovering strongly after a disappointingwhile the public sector pay is barely able to keep up with even historically low inflation.
There remains considerable uncertainty over how pay will grow through Far higher pay settlements and a greater concentration of new jobs in middle and higher-paid occupations will be needed to turn the current recovery into a boom, along the lines forecast by the Bank.
Real wage increases, currently at the best levels in nearly seven years, represent a silver bullet for the wider UK recovery.
Real wage increases come from optimistic employers happy with business conditions, they allow consumers to re-balance spending figures having taken on credit in leaner times and promote growth in generalised output with a central bank more comfortable to normalise monetary policy.
All in all this is a corking jobs report; higher wages, lower unemployment mixed with lower inflation released yesterday is nothing but good news. Ben Brettell, senior economist, Hargreaves Lansdown Unemployment fell once more to a six-year low of 5. Meaningful real wage growth is starting to emerge too.
Average weekly earnings increased by 2. Combined with inflation at 0. The Bank of England [in minutes published on Wednesday] noted that the pickup in pay growth has been faster than it had anticipated. It previously said that it wants to see a marked increase in pay before judging that sufficient labour market slack has been eroded for interest rates to rise.
If pay growth continues to improve, this removes a key barrier to higher interest rates. However, given that inflation is expected to fall below zero in the coming months, and stay close to zero for the rest of the year, there is no pressure on the Bank to raise interest rates in the short term.
Indeed, Mark Carney indicated last week that the Bank would even consider cutting rates if deflation looked like it was becoming entrenched.
Looking forward, falling unemployment may put further upward pressure on pay rises. Total hours worked grew by 0.AM ET Tue, 20 Nov DUBLIN, Nov Ireland's unemployment rate was adjusted up to percent in October, the central statistics office said on Tuesday, rising from a year low of Local Area Unemployment Statistics (LAUS) is a monthly release of statewide and substate seasonally adjusted and not seasonally adjusted estimates of the number employed and the number unemployed in the state.
The state unemployment rate is calculated based on these numbers. There were million unemployed people in the UK in June-August , a decrease of 47, from the previous quarter and down 79, from the year before.
Unemployment rate in member states of the European Union in June (seasonally adjusted) Unemployment rate in EU countries June Monthly unemployment rate in the United Kingdom (UK.
Unemployment is an economic indicator that refers to the number or proportion of people in an economy who are willing and able to work, but are unable to get a job; a . UK unemployment fell by 52, to million in the three months to November - the lowest level for more than a decade - official figures showed.
The jobless rate was steady at an year low of %, the Office for National Statistics said. The employment rate was steady at a record %, while wage growth picked up pace.