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UK unemployment falls by 36,000 to 2.46 million UK unemployment falls by 36,000 to 2.46 million
(40 minutes later)
UK unemployment fell by 36,000 in the three months to the end of March to 2.46 million, the second quarterly drop in a row, official figures show.UK unemployment fell by 36,000 in the three months to the end of March to 2.46 million, the second quarterly drop in a row, official figures show.
The Office for National Statistics (ONS) said the rate of unemployment in the UK was now 7.7%.The Office for National Statistics (ONS) said the rate of unemployment in the UK was now 7.7%.
Unemployment among 16 to 24-year-olds stood at 935,000, with the jobless rate for young people now at 20%.Unemployment among 16 to 24-year-olds stood at 935,000, with the jobless rate for young people now at 20%.
The number of people claiming Jobseeker's Allowance rose by 12,400 in April to 1.47 million, the ONS said.The number of people claiming Jobseeker's Allowance rose by 12,400 in April to 1.47 million, the ONS said.
It added that the number of people in employment rose by 118,000 to 29.24 million, compared with a pre-recession peak of 29.56 million recorded in the three months to the end of May 2008.It added that the number of people in employment rose by 118,000 to 29.24 million, compared with a pre-recession peak of 29.56 million recorded in the three months to the end of May 2008.
The latest ONS figures show that the number of unemployed men fell by 31,000 to 1.43 million, while the number of unemployed women fell by 5,000 to 1.03 million.The latest ONS figures show that the number of unemployed men fell by 31,000 to 1.43 million, while the number of unemployed women fell by 5,000 to 1.03 million.
Of the 12,400 extra people claiming the Jobseeker's Allowance, 9,300 were women, the highest figure since October 1996. The number of male claimants rose for the first time since January.Of the 12,400 extra people claiming the Jobseeker's Allowance, 9,300 were women, the highest figure since October 1996. The number of male claimants rose for the first time since January.
Average earnings, including bonuses, rose by 2.3% in the year to March. The number of people unemployed for more than 12 months increased by 20,000 to 850,000, the highest number since January 1997.
Benefit changes
The labour market has shown signs of improvement.
Youth unemployment has registered its first fall since the summer of last year. Overall unemployment fell to 2.46 million, the lowest since the three months ending in July last year. There was an increase in the number of people in work.
The narrower claimant count, covering those claiming Jobseeker's Allowance, did rise in April. Ministers say this can be explained by a shift of some loan parents from income support to unemployment benefit.
Few would venture though that the latest figures herald a dramatic shift in employment prospects. The ability of the private sector to create more than enough jobs to compensate for public sector cuts will be put to the test over the first year of serious deficit cutting.
Average earnings, including bonuses, rose by 2.3% in the the three months to March, compared with 2.1% for the quarter to February. Despite the rise, analysts said the figure showed that wage demands were unlikely to impact on inflation in the short term.
"Wage pressures have remained modest, reinforcing the case against an early increase in interest rates," said David Kern, chief economist at the British Chambers of Commerce.
The ONS also said that the number of working days lost through labour disputes in the year to March was the joint lowest total since records began in 1930.The ONS also said that the number of working days lost through labour disputes in the year to March was the joint lowest total since records began in 1930.
Employment Minister Chris Grayling said the figures represented a "step in the right direction", but he warned that the number of people claiming Jobseeker's Allowance was likely to continue to rise.
He said this was in part due to changes in benefits rules, which meant people were moving off other benefits and on to Jobseeker's Allowance. Some single parents, for example, were moving off income support and on to unemployment benefits, he said.
Shadow work and pensions secretary Liam Byrne said the government must do more to get people back to work and questioned why unemployment was falling "much faster" in other developed economies, particularly Germany and the US.
The government must "stop dithering and start delivering", he said.
'Fiscal squeeze''Fiscal squeeze'
Employment Minister Chris Grayling said the figures represented a "step in the right direction", but he warned that the number of people claiming Jobseeker's Allowance was likely to continue rising.
Some analysts warned that despite the fall in unemployment, the number of people out of work was likely to rise again in the coming months, largely due to government spending cuts.Some analysts warned that despite the fall in unemployment, the number of people out of work was likely to rise again in the coming months, largely due to government spending cuts.
"We suspect that likely below-trend growth will mean that the private sector will be unable to fully compensate for the increasing job losses in the public sector that will result from the fiscal squeeze that is now really kicking in," said Howard Archer at IHS Global Insight."We suspect that likely below-trend growth will mean that the private sector will be unable to fully compensate for the increasing job losses in the public sector that will result from the fiscal squeeze that is now really kicking in," said Howard Archer at IHS Global Insight.
He said he expected 2.67 million people to be out of work by the end of this year, with the unemployment rate rising to 8.4%.He said he expected 2.67 million people to be out of work by the end of this year, with the unemployment rate rising to 8.4%.
The British Chambers of Commerce said the government must do more to help the private sector make up for the jobs being lost in the public sector.
"The burden of regulation on businesses, particularly small- and medium-sized firms still weighs too heavily and in many cases prevents companies from creating jobs," Mr Kern said.
The government has started implementing extensive spending cuts that are designed to reduce the budget deficit, which is the amount it spends each year over and above its income.The government has started implementing extensive spending cuts that are designed to reduce the budget deficit, which is the amount it spends each year over and above its income.
It says that the cuts are necessary to restore international investors' confidence in the UK economy, but critics argue that the cuts could jeopardise the UK's fragile recovery.It says that the cuts are necessary to restore international investors' confidence in the UK economy, but critics argue that the cuts could jeopardise the UK's fragile recovery.