UK unemployment reported slight decrease in Q3 2014

Noam Stiekema

The UK unemployment reported slight decrease in Q3 2014, but remained at a level of 6%. More positive data come from average wage growth in Britain, which surpasses both expectations and the rate of increase in consumer prices in the first nine months, according to the National Statistical Service of the UK. The number of […]

unemployment

unemploymentThe UK unemployment reported slight decrease in Q3 2014, but remained at a level of 6%. More positive data come from average wage growth in Britain, which surpasses both expectations and the rate of increase in consumer prices in the first nine months, according to the National Statistical Service of the UK. The number of UK unemployment decreased by 115 thousand people between July and September to 1.96 million people. Meanwhile, the number of submitted applications for unemployment benefits fell by 20.4 thousand people to a level of 931.7 thousand people on a monthly basis in October.

At the same time employment increased by 112 thousand people in the third quarter to 30.7 million people, marking its highest level since records began similar statistics from 1971. Record high number of employed people means more people who have the security of a regular paycheck and can take better care of themselves and their families.

The General Secretary GMB union indicates that many of the new jobs are insecure and low-paid, as the real value of net pay in the rest of the workforce remained 13% lower than pre-crisis levels. The data also show that wages in Britain, excluding bonuses, rose by 1.3% in the first nine months, outpacing the growth in consumer prices of 1.2%. The salaries in Britain lagged inflation since the beginning of the global financial crisis, but in recent months increased by the rate at which growth rates are slowing.

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