UK jobless rate declines unexpectedly in the three months to April, ONS data suggests
The UK’s unemployment rate dropped to five percent, the lowest level since 2005, between the 3 months to January 2016 and February to April 2016, recent statistical data released by the ONS has been able to suggest.
In the aforementioned interval, there were 31.59 million people in work, 55,000 more than for the 3 months to January 2016 and 461,000 more than for a year earlier. Out of the total, 23.10 million were working full-time, 304,000 more than for a year earlier, while 8.50 million people were working part-time, 157,000 more than for a year earlier.
The employment rate (the proportion of people aged from 16 to 64 who were in work) was 74.2%, the joint highest since comparable records began in 1971.
The unemployment rate was 5.0%, the lowest since August to October 2005. There were 1.67 million unemployed people (people not in work but seeking and available to work), 20,000 fewer than for the 3 months to January 2016, 148,000 fewer than for a year earlier and the lowest since March to May 2008.
Average weekly earnings for employees in Great Britain in nominal terms (that is, not adjusted for price inflation) increased by 2.0% including bonuses and by 2.3% excluding bonuses compared with a year earlier.
The rebound in labor market is aiding underpin the UK economy through increased consumer spending. According to a different survey data, consumers enjoyed rises in both workplace activity and income from employment in June, which along with low inflation aided in raising the consumers’ views on finances.
Josh Hardie, CBI Deputy Director-General, commented on the figures: “The UK labour market remains in decent health, but pipeline pressures are building for employers, at a time when businesses are facing greater uncertainty.
“Firms are facing a number of issues that could add costs; the impact of the introduction of the National Living Wage, the forthcoming apprentice levy and the EU Referendum, all against the backdrop of anaemic global growth.”