Options
Unemployment Falls To Near 6 Year Low of 6.4%
David_James
Posts: 144 Forum Member
✭
UK unemployment fell by 132,000 to 2.08 million in the three months to June, official figures show.
The Office for National Statistics said the unemployment rate also fell to 6.4% in the quarter, down from 6.5% in May.
It means the unemployment rate is at its lowest level for nearly six years.
http://www.bbc.co.uk/news/business-28768552
Some other snippets of information:
> Youth unemployment down 102,000 in the quarter, the biggest quarterly fall on record.
> Unemployment fell by 437,000 in the year, the biggest yearly fall in 25 years.
> Around 80% of the jobs created in the last year have gone to British nationals.
> Wage growth of 0.6% on the year is the lowest since 2001.
> Majority of the jobs created (84%) are FULL time jobs. Men working part time has fallen.
> Claimant count fell by 33,600 in July, to 1.01 million, the lowest since September 2008, and the biggest yearly fall in the claimant count on record.
Some more great news on Unemployment. The ONS says wage growth is still affected by an unusually high number of employees deferring bonus payments because of last years income tax cut.
The Office for National Statistics said the unemployment rate also fell to 6.4% in the quarter, down from 6.5% in May.
It means the unemployment rate is at its lowest level for nearly six years.
http://www.bbc.co.uk/news/business-28768552
Some other snippets of information:
> Youth unemployment down 102,000 in the quarter, the biggest quarterly fall on record.
> Unemployment fell by 437,000 in the year, the biggest yearly fall in 25 years.
> Around 80% of the jobs created in the last year have gone to British nationals.
> Wage growth of 0.6% on the year is the lowest since 2001.
> Majority of the jobs created (84%) are FULL time jobs. Men working part time has fallen.
> Claimant count fell by 33,600 in July, to 1.01 million, the lowest since September 2008, and the biggest yearly fall in the claimant count on record.
Some more great news on Unemployment. The ONS says wage growth is still affected by an unusually high number of employees deferring bonus payments because of last years income tax cut.
0
Comments
The growth in full time jobs year on year was 3.2%. The growth in part-time jobs was 1.6%.
Thanks. Do you know whether these jobs are, on average, paying the living wage or are the vast majority very low paid so income tax receipts will not rise significantly.
When Carney feels like it. It can't be long now though, surely.
Are wage increases on par with inflation yet?
No, but hopefully as the slack in the labour market is taken up that will change.
"theyre jobs, Jim, but not as we know them".
Carney says one thing then does another. He needs to have conviction in his decisions.
It has also halved wage growth from 2.5% to 1.25% for this year.
They don't split out wage increases by new jobs but in May 2010 the average full pay for all jobs was £23,646. It's now (i.e. including all the new jobs) £24,900. Back of a **** packet: If all the additional jobs were being paid less than the LW, the average pay of all the remaining jobs would need to be above 2% every year since 2010 for that growth in average full pay to be true.
I think he was as bamboozled as the rest us when inflation fell quite so sharply. For me, the issue is much more tied up in what he said, rather than what he's done. A lesson I'm sure he's learned, too.
I agree.
If inflation falls further he may have to cut rates not raise them.
Right now there there is no inflationary pressure and thus no need to do anything.
Re The jobs figures...... Hooray for seasonal jobs
Not sure it is that, there is a drive to self-employment coming from the Job Center advisers and the various private companies tasked with getting people into work.
The reason I highlight this is that there has been a quantifiable rise on self employed people, which I attribute to this process. As someone who started out self employed and built a business, I would never suggest this is a bad thing overall, however, not everyone is suited to such endeavors, and as a route to bumping up employment numbers whilst maintaining benefits through in work claims this rise in self employment also gives some explanation to the continued rise in the benefit bill.
As ever whatever party is in office, I think there is some good news in there, but a lot of fluff masquerading as good news hiding within the numbers.
A great deal of the rise in self-employment is simply down to ageing baby boomers not wanting to retire. They're often only doing the odd job here and there, are not earning much money, and are lowering the overall productivity figures.