Great News!! The UK unemployment rate has fallen to 7.4% which is the lowest rate since 2009. 99,000 unemployed people found work in the three months leading up to October which takes the number of unemployed people in the UK down to 2.39 million. This is below the rate that analysts expected with them thinking that it would remain at 7.6%.
The number of individuals claiming job seekers allowance has also dropped with 36,700 individuals ceasing to claim this benefit. This brings the number of people that are still claiming down to 1.27 million.
The highest rate of unemployment is in the North East of England where 10.1% of people are not currently working and the East of England has the best rate of employment with just 5.6% of people out of work. With the number of job vacancies at its highest since 2008 hopefully the unemployment situation will continue to improve.
David Cameron had some motivational words to say on the matter: ‘...everyone back in work means greater stability for them, greater ability to plan their future, greater help for their families.’ All sounds like it is going to be pretty great then Mr Cameron!
Average weekly wages have also seen an increase. Excluding bonuses the average weekly earnings are up 0.8%. However, inflation is at 2.1% so earnings have fallen in real terms but there is talk of this dropping to 2% bringing the two numbers ever closer!
It may be that a lot of people who have found employment are not doing the jobs that they would like to be doing or earning the money that they would like to be earning but every person in work is a great achievement for the individual and for the country and this looks set to keep improving!
By Sasha Davison
19th December 2013
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