United Kingdom breaks low unemployment record since 1975

United Kingdom breaks low unemployment record since 1975

United Kingdom breaks low unemployment record since 1975

Earnings have now been growing ahead of inflation for over a year, but in real terms, wage levels have not yet returned to their pre-downturn peak."Total pay, including bonuses, now averages £494 a week, compared with £525 in February 2008, the year of the economic crash".

"The increase over the past year is all coming from full-timers, both employees and the self-employed", Hughes said.

Suren Thiru, Head of Economics at the British Chambers of Commerce (BCC) said, "The strong increase in employment, coupled with another fall in the number of people out of work, suggests that the United Kingdom labour market remains in good order".

New figures reveal that a record 32.7m are in full time work and self employment over the past year.

There are now 1.34 million people unemployed in the United Kingdom while there is a record high 32.7 million in work.

Employment Minister Alok Sharma welcomed the news and said that the United Kingdom jobs market was going from strength to strength.

He added: "We must not take this for granted".

With wages rising by 3.5 per cent, millions of workers have more money to spend or save.

The number of economically inactive people fell by 114,000 in the latest quarter to 8.53 million, a rate of just under 21%, the joint lowest on record.

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Turning to job vacancies, for the period from January to March 2019 there were an estimated 852,000 vacancies in the United Kingdom, 32,000 more than a year earlier.

Anxiety over Brexit has deterred some businesses from investing - but not, it would appear, hiring more workers as yet.

But economists say employment could yet falter later in the year if the uncertainty is drawn out.

The average annual rate of change of the food sub-index for the twelve-month period ending March 2019 over the previous twelve-month average was 13.42 per cent, 0.20 per cent points from the average annual rate of change recorded in February 2019 (13.62) per cent.

Living standards are improving as prices rise slower than wages.

"One in five small United Kingdom employers rely on staff from the EU". One in three small firms now say lack of access to the right personnel is a major barrier to growth.

At the same time, the unemployment rate stood at 3.9%.

February's month-on-month growth figure was revised up to a rise of 0.6% from 0.4%, which Ruth Gregory, senior United Kingdom economist at Capital Economics, said "adds to evidence that the economy grew at a pretty reasonable rate.in the first quarter given the political chaos".

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