The number of unemployed people in the UK has fallen below two million for the first time since 2008, figures from the Office for National Statistics show.
Comparing the estimates for June to August 2014 with those for March to May 2014, employment continued to rise and unemployment continued to fall. There were 1.97 million unemployed people, 154,000 fewer than for March to May 2014 and 538,000 fewer than a year earlier. This is the largest annual fall in unemployment on record. Records for annual changes in unemployment begin in 1972.
Furthermore, Pay including bonuses for employees in Great Britain was 0.7% higher than a year earlier. Pay excluding bonuses for employees in Great Britain was 0.9% higher than a year earlier.
However, The guardian reported their view on UK jobs: quantity, but not quality and stated that teh average earnings continue to lag behind prices.
Commenting on the labour market statistics released by the Office for National Statistics, CIPD Chief Economist Mark Beatson said: “Another huge fall in unemployment means that unemployment has fallen below 2 million a month earlier than many expected.”
“Pay growth, though, remains very subdued, indeed it is barely moving. In August, total weekly earnings were only £1 a week higher than in December last year,” He added.
Image by J J Ellison via Wikimedia Commons