23 January 2015
The news on UK employment statistics has been largely positive this month. The number of people out of work in the UK fell to 1.91 million, and the unemployment rate for adults in the UK now stands at 5.8%
According to the ONS, (Office for National Statistics) people claiming job seekers allowance has fallen for the 26th month in a row.
Other good news for employees is that wage growth is also growing faster than the inflation rate for the second successive month.
However there are signs that the growth is beginning to slow down with the drop in unemployment being at its lowest in three years.
The chief economist at the British Chamber of Commerce said “The modest upturn in average earnings growth is a positive development. However, wage growth will only be sustainable if it is matched by increased productivity. The focus of economic policy must remain on sustaining and improving economic growth.”
While Vince Cable feels more work still has to be done “Youth unemployment remains too high. That is why we will continue to encourage firms to invest in the UK and equip British workers with the skills they need to compete in the jobs market.”
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