UK Unemployment Falls to 11-Year Low

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Source: Office of National Statistics

In a surprising turn of events, UK unemployment has fallen by 37000 to 1.6 million in the months of July to August, the lowest it’s been since 2005, three years before the 2008 crash. According to statistics released by the Office for National Statistics (ONS), employment increased by 49,000. Self-employment rose by 213,000 to 4.79 million.

The average weekly wage rose by 2.3%, including bonuses, and 2.4% excluding bonuses. Altogether, the total number of jobs has remained the same at 31.8 million. Despite the increase, the number of unemployment benefit claimants rose by 9,800.

David Freeman, an ONS statistician, said: “Unemployment is at its lowest for more than 10 years and the employment rate remains at a record high.” However he added: “Nonetheless, there are signs that the labour market might be cooling, with employment growth slowing.” This slow is being attributed to Brexit and a rise in uncertainty.

UK economist at Capital Economics, Ruth Gregory, said: “The Leave vote is starting to sap the jobs recovery of its previous strength.

“Employment growth slowed sharply – with the 49,000 rise in the three months to September down from August’s 106,000 and well below the consensus forecast of 91,000.”

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