UK Jobless Rate Lowest In 42 Years
December 13 2017 - 2:57AM
RTTF2
The UK unemployment rate remained at the lowest level in more
than four decades during the three months to October and the annual
growth in earnings accelerated but remained well below
inflation.
Data from the Office for National Statistics on Thursday showed
that the ILO jobless rate was 4.3 percent in the three months to
October, the same rate as in the July quarter.
The rate was in line with expectations and was the lowest since
March to May 1975.
The number of unemployed decreased by 26,000 from the three
months to July to 1.43 million.
At the same time, the employment rate fell to 75.1 percent from
75.3 percent in the three months to July.
The number of people in work fell by 56,000 from July to 32.08
million, marking the biggest fall in more than two years.
On a yearly basis, average weekly earnings for employees
increased by 2.5 percent including bonuses and by 2.3 percent
excluding bonuses. But the rates are well below the inflation, at
3.1 percent in November.
The claimant count rate held steady at 2.3 percent in November.
The number of people claiming jobseeker's allowances increased by
5,900 from October.
The labor market will tighten a little further ahead, while
surveys of salaries suggest that the slight increase in wage growth
in October is a sign of things to come, Andrew Wishart, an
economist at Capital Economics, said.
The Bank of England is set to announce its interest rate
decision on December 14. No change in the monetary policy stance is
expected.
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