UK jobless rate falls to lowest since 1975 but pay growth weakens

16 August, 2018, 16:57 | Author: Brooke Harris
  • Job centre

In total 75.6 per cent of people were in work during the three month period, up from 75.1 per cent a year earlier which is close to a record high.

"This is 86,000 less than the same period in 2017; making it the largest annual fall since records began in 1997".

Figures published by the Office for National Statistics (ONS) showed the number of European Union nationals employed in the United Kingdom decreased by 86,000 in the year following June 2017 - the most dramatic fall since records began in 1997.

Young people also appear to be benefiting from the economic lift, with youth unemployment also at its lowest rate since record began in 1992.

Britain's Unemployment Rate Drops to 4.0%: UK Employment Figures, August 2018 appeared first on Indeed Hiringlab UK.

The data also shows that annual wage growth remained at 2.7% in the year to June.

The British unemployment rate shrugged off Brexit worries to reach a low not seen for 43 years, according to data released on Tuesday.

Earlier this month, the Bank of England raised interest rates for only the second time in 10 years, as it sought to manage inflation amid signs of a strengthening United Kingdom economy.

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"The number of people in work has continued to edge ahead, though the employment rate was unchanged on the quarter", senior ONS statistician Matt Hughes said in a statement.

The number of Scots out of work has fallen and the jobless total across the United Kingdom reached a 40-year low, official figures today show.

Experts said that productivity - the output per hour worked - grew by 1.5 per cent year-on-year.

However, there are few signs of overall wage increases - wage growth is slowing down to a nine-month low of 2.4% between April and June.

Average earnings increased by 2.4% in the year to June, down from 2.5% in the previous month, said the ONS.

Matthew Percival, CBI head of employment, said: "Continuing job creation shows that flexibility in the labour market is a key strength of the United Kingdom economy". Economists had expected it to stay at 4.2%.

"We are investing a record £2.4 billion in enterprise and skills, £4 billion in infrastructure and delivering the most competitive package of rates relief in the United Kingdom, including the Small Business Bonus, which to date has saved Scottish firms nearly £1.5 billion".

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