Sunday, 26 May, 2019

United Kingdom jobs and wage data for April to June 2018

Job centre Unemployment is the lowest for more than 40 years
Ginger Lawrence | 16 August, 2018, 17:01

The number of people in work continued to increase - up by 42,000 to 32.39 million while the claimant count nationally rose 6,200 last month to 906,100, nearly 108,000 more than a year ago.

Experts said the numbers revealed the highest amount of vacancies since records began in 2001.

Job vacancies increased by 20,000 to a record high of 829,000 as the number of non-EU nationals working in the United Kingdom increased by 74,000 to 1.27 million.

The UK unemployment rate dropped to a new four-decade low of 4.0% in June.

The unemployment rate fell from 4.2 percent in May to 4 percent in June, according to data from the Office of National Statistics (ONS).

Secretary of State for Work and Pensions Esther McVey said: "With the unemployment rate falling further to just 4%, and youth unemployment down over 45% since 2010, school leavers this week can look forward to a growing jobs market, improving the prospects for their future careers".

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

Responding to the news, the pro-Brexit group Get Britain Out tweeted: "Wait, didn't [the anti-Brexit People's Vote group] say Brexit is causing mass unemployment?..."

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The total number of unemployed people in the United Kingdom reached 1.36 million that is 65K less than for January to March 2018 and 124K fewer than for a year earlier.

Annual wage growth, however, slowed to a nine-month low of 2.4 per cent.

There were 780,000 people on zero-hours contracts in their main job, 104,000 fewer than a year earlier.

The economic inactivity rate among those below retirement age - Scots aged under 65 who are not seeking work, often because they are studying or caring for family - fell by 17,000 people, to 21.5%.

Job vacancies increased by 20,000 to a record high of 829,000, while average earnings increased by 2.4% in the year to June, down from 2.5% the previous month.

For years, the economy's been rudely ignoring the economists' theory, with wages sagging even as the unemployment rate hits fresh lows.

This is being made worse by Brexit uncertainty and a fall in workers from other European Union countries.

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.