UK unemployment falls below 2 million

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The UK unemployment rate fell to 6% between June and August. This is the lowest rate since the financial crisis hit. The drop is bigger than analysts expected.

The Office for National Statistics reported:

  • Wage growth remained below the current 1.2% inflation rate
  • Number of people in employment rose by 46,000, the weakest quarterly gain since May
  • 30.76 million people are in work
  • The number of economically inactive, those choosing not to work, increased
  • The number of people claiming Jobseeker’s Allowance in September fell for the 23rd consecutive monthly reduction
  • The number of self-employed people dropped, but the total is higher than a year ago
  • The number of employees in part-time jobs reached a record high of 6.8 million
  • Youth unemployment – covering 16-to-24-year-olds – fell, giving a jobless rate among the age group of 16%.

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Source: BBC Business News, 15 October 2014