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| Unemployment at lowest level for seven years, figures show | Unemployment at lowest level for seven years, figures show |
| (35 minutes later) | |
| The chancellor has seized upon news that UK unemployment has fallen to its lowest level in seven years and wages are rising at an annual rate of 3%, claiming it is evidence that his economic policies are bearing fruit. | |
| The latest official snapshot of the jobs market, covering the period from June to August, showed a 79,000 decline in unemployment to 1.77 million, taking the jobless rate to 5.4%, down from 5.5%. | The latest official snapshot of the jobs market, covering the period from June to August, showed a 79,000 decline in unemployment to 1.77 million, taking the jobless rate to 5.4%, down from 5.5%. |
| Nick Palmer, an ONS labour market statistician, commenting on the news, said: “Today’s fall in unemployment has more than outstripped the recent rises, leaving unemployment at its lowest level since mid-2008.” The employment rate, at 73.6%, was the highest since records began in 1971. | Nick Palmer, an ONS labour market statistician, commenting on the news, said: “Today’s fall in unemployment has more than outstripped the recent rises, leaving unemployment at its lowest level since mid-2008.” The employment rate, at 73.6%, was the highest since records began in 1971. |
| On the more timely claimant count basis, which measures the number of people claiming out-of-work benefits, unemployment rose by 4,600 in September to 796,200. | On the more timely claimant count basis, which measures the number of people claiming out-of-work benefits, unemployment rose by 4,600 in September to 796,200. |
| George Osborne said: “It is great news that Britain’s economic plan continues to create jobs and increase pay. We’ve got the highest rate of employment in our history and real terms pay rising strongly.” | |
| With inflation running at zero in August before slipping to -0.1% in September, according to the latest data published on Tuesday, average workers are finally starting to see their living standards rise after a long post-recession squeeze. Palmer added: “Wages continued to grow strongly in real terms.” | With inflation running at zero in August before slipping to -0.1% in September, according to the latest data published on Tuesday, average workers are finally starting to see their living standards rise after a long post-recession squeeze. Palmer added: “Wages continued to grow strongly in real terms.” |
| John Philpott, of the Jobs Economist consultancy, said the improvement in the labour market evident in the latest figures contrasted with the first half of 2015, when there was evidence that firms’ appetite for hiring was waning. | John Philpott, of the Jobs Economist consultancy, said the improvement in the labour market evident in the latest figures contrasted with the first half of 2015, when there was evidence that firms’ appetite for hiring was waning. |
| “The explanation for the flip in behavior is unclear, though it’s possible that recruiters were cautious in the first half of the year because of political uncertainty surrounding the general election in May. What is clear is that hiring picked up strongly from June onwards, with the number of employees rising by 120,000 in the three months to August, with full-timers accounting for more than half this increase,” he said. | “The explanation for the flip in behavior is unclear, though it’s possible that recruiters were cautious in the first half of the year because of political uncertainty surrounding the general election in May. What is clear is that hiring picked up strongly from June onwards, with the number of employees rising by 120,000 in the three months to August, with full-timers accounting for more than half this increase,” he said. |
| While real wages continued to rise, the rate of pay growth appears to be levelling off. Excluding bonuses, whole economy average earnings increased at 2.8% in the three months to August, down from 2.9% between April and July. | While real wages continued to rise, the rate of pay growth appears to be levelling off. Excluding bonuses, whole economy average earnings increased at 2.8% in the three months to August, down from 2.9% between April and July. |
| Despite recent increases, pay remains considerably below the levels seen before the 2008 financial crisis, once inflation is taken into account. The Resolution Foundation thinktank pointed out that in some sectors, particularly construction, average pay remains well below the pre-crisis peak. | Despite recent increases, pay remains considerably below the levels seen before the 2008 financial crisis, once inflation is taken into account. The Resolution Foundation thinktank pointed out that in some sectors, particularly construction, average pay remains well below the pre-crisis peak. |
| Matthew Whittaker, Resolution’s chief economist, said: “As [the] recovery builds, attention will turn to who is benefiting from it. The strong recent performance of wages in the low-paying retail sector is encouraging, but the picture is much less promising in manufacturing and construction.” | Matthew Whittaker, Resolution’s chief economist, said: “As [the] recovery builds, attention will turn to who is benefiting from it. The strong recent performance of wages in the low-paying retail sector is encouraging, but the picture is much less promising in manufacturing and construction.” |