GBP Bounces on Strong UK Jobs and Wages Data

The figure between April and June is the lowest since last November.

Over one in five, 21.1 per cent, of UK-born people were economically inactive in the three months to the end of June, the ONS said, against 16.1 per cent of people born in European Union countries, and 27.8 per cent of people born in the rest of the world.

UNEMPLOYMENT IN the United Kingdom fell by 57,000 in the three months to June, official figures show, bringing the jobless rate down to 4.4% - its lowest since 1975.

The number of people out of work now stands at 1.48 million.

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Wages grew by 2.1% compared with the same period previous year, the Office for National Statistics said, which was better than expected - economists that took part in a Reuters poll had forecast wage growth of 1.8 percent.

The unemployment rate in Wales has fallen slightly to 4.5% over the last month, according to figures from the Office for National Statistics (ONS).

"This sustained low rate of youth unemployment is welcome news".

"Ongoing anaemic earnings growth reinforces the case for the Bank of England to hold off from an interest rate [hike] any time soon - especially given a struggling economy and highly uncertain outlook", said Howard Archer, chief economic adviser to the EY ITEM Club.

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This was partly responsible for boosting employment to 75.1%, the highest level seen since comparable records began in 1971, and the fourth highest in the EU.

But TUC general secretary Frances O'Grady said: "Rising prices and stagnant pay are a toxic combination for working people".

Real earnings fell by 0.5%, owing to the rate of inflation at 2.6 percent, the ONS figures showed.

'Over the past year the rise in employment has been overwhelmingly driven by permanent and full-time jobs, as employers continue to invest in Britain's strong economy.

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"We are bringing more people out of tax altogether. a big investment going into childcare, including the doubling of the provision for three to four-year-olds - all of these things are very important for supporting household budgets".

(Copyright © 2015. All Rights Reserved.)
 
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