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Unemployment drops below two million

unemployedUnemployment in the UK dropped below two million in the three months to the end of August – for the first time in five years.

According to data from the Office for National Statistics the number of unemployed people dropped by 154,000 to its lowest level since 2008.

The unemployment rate fell by 6% while the number of people claiming Jobseeker’s Allowance also fell by 18,600 to 951,900.

Weekly pay is also up by 0.9% compared to a year previously when bonuses are not taken into account, and despite slow growth, things are moving in the right direction.

However, it means wage growth is still below the current level of inflation – recorded at 1.2% for September.

Wage growth has been the stir of much political comment in past months but falling employment will be viewed as a positive for the overall economy.

Weak pay is a bad thing for household budgets though, placing a great deal of stress on finances, especially among those facing large or unexpected bills.

Business growth will also be required to drive the recovery and this means creating an environment that is conducive to this occurring.

Unemployment data has painted a positive picture for much of 2014 and is now at its lowest point since October 2008.

It means 30.8 million people are now employed within the UK economy which is in itself a new record for Britain.

The proportion of people aged between 16 and 64 now stands at 73%, close to the all-time high of 73.2%

Britain’s economy remains ahead of others in the G7 set of countries, providing a solid base for the recovery that has been noted to date.

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Andrew Wayland
Marketing Director at Everyday Loans
Andrew Wayland is a financial marketing expert and helped set up Everyday Loans back in 2006. Prior to his position as Head of Marketing for Everyday Loans he worked as the Head of Commercial Development for a tech start up and ran his own PR agency for around 5 years. LinkedIn: https://www.linkedin.com/in/andrew-wayland-9018074