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Insight & Opinion

UK Unemployment Rate Falls

Author: Luke

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UK unemployment dropped down to 7.9% from 8.1% during August 2012

The Office for National Statistics has stated that UK unemployment dropped down to 7.9% from 8.1%.

In the three months to August 2012, unemployment fell to a 15-month low with the number of people in work hitting an all-time high of almost 30 million.

Unemployment in the UK fell by 50,000 to 2.53 million however the Bank of England has warned that hiring and investment for the next 6 months may be subdued.

Commenting on the data released by the Office for National Statistics the government said that the figures were ‘positive news’ for the UK’s economy.

The ONS findings also showed that there was a drop of 4,000 people claiming Jobseeker’s Allowance in September.

The creation of new jobs and a rising number of people entering the UK’s workforce has increased the number of people in employment to 29.6 million – the highest recorded since records began in 1971.

The number of young people in unemployment (16-24-year-olds) dropped by 62,000 in the same time period to 957,000.

In other good news for the UK’s economy, average earnings increased by 1.7% in the year to July.

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