ONS UK Labour Market Report 2014 states that between May and July of this year there were 2.02 million people unemployed in the UK, 146,000 fewer than the period from February to April. Unemployment fell by 468,000 from July 2013 to July 2014, the biggest year-on-year decrease since 1988, according to figures released by the Office for National Statistics (ONS).
Key Points for May to July 2014
- Comparing the estimates for May to July 2014 with those for February to April 2014, employment continued to rise and unemployment continued to fall. These changes continue the general direction of movement since late 2011/early 2012.
- There were 30.61 million people in work. This was 74,000 more than for February to April 2014, the smallest quarterly increase since April to June 2013.
- Comparing May to July 2014 with a year earlier, there were 774,000 more people in work.
- The proportion of people aged from 16 to 64 in work (the employment rate), was 73.0%, slightly higher than for February to April 2014 (72.9%) and higher than for a year earlier (71.6%).
- There were 2.02 million unemployed people, 146,000 fewer than for February to April 2014 and 468,000 fewer than a year earlier. This is the largest annual fall in unemployment since 1988.
- The unemployment rate continued to fall, reaching 6.2% for May to July 2014, the lowest since late 2008.
- The unemployment rate is the proportion of the economically active population (those in work plus those seeking and available to work) who were unemployed.
- There were 8.93 million people aged from 16 to 64 who were out of work and not seeking or available to work (known as economically inactive). This was 114,000 more than for February to April 2014 but 31,000 fewer than for a year earlier.
- The economic inactivity rate was 22.1%, higher than for February to April 2014 (21.8%) but lower than for a year earlier (22.3%).
- Pay including bonuses for employees in Great Britain was 0.6% higher than a year earlier.
- Pay excluding bonuses for employees in Great Britain was 0.7% higher than a year earlier.