UK Unemployment Rate Lowest In 6 Years, Wages continue to decline
In just three short months th unemployment rate in the UK fell 121,000 to 2.12 million according to the Office for National Statistics. This is the lowest the rate has been seen in roughly six years.
Those individuals seeking jobseeker’ allowance was reported to have fallen to 1.04 million as well, down by 36,300 last month alone.
The unemployment rate is reported to have fallen .1% as well, down to 6.5% from 6.6%.
The figures from the ONS report as many as 78% of men and 68% of women are in work, leaving the employment rate at 73.1%. If figures are accurate, this is the first time the rate has reached the record set in 2005.
Prime Minister David Cameron touched upon the encouraging news, stating, “Today’s figures show more people have the security of a job than ever before. Full employment is a key aim of our long-term economic plan.”
While the employment new is reassuring, wages have continued to decline, now at their lowest since 2001, having grown only 0.3% in a year.
While employment continues to rise and British citizens enjoy the highest rate in years, the quality of these jobs continues to be suspect in the eyes of officials when coupled with wage growth statistics.