The number of people out of work in the United Kingdom has fallen to its lowest level in 18 months causing the Pound to make gains against the Euro and US Dollar.
According to the Office for National statistics the number of people out of work fell by 37,000 between the months of September and November bringing the total to 2.49 million and dropping the unemployment rate to 7.7%, down from 7.8% in the previous quarter.
The number of people claiming jobseekers allowance also fell, with the total now adding up to 1.56 million last month, a drop of 12,100 and its lowest level since June 2011. The number of people entering full time employment also saw an increase rising by 113,000 cancelling out the decline in the number of part-time employment.
Another encouraging sign is that the number of long term unemployed , those out of work for two years or more, dropped by more 10,000 to reach 434,000. Worryingly there was an increase in the number of young people out of work with the number of 16 to 24 year olds out of work increasing by 1,000 to 957,000.
Today’s stats should be taken with a pinch of salt despite them seemingly painting an improving picture for the UKs jobs market. The figures fail to take in the period of time that saw the demise of a number of well known high street chains or the panned cut of 5,000 members of the armed forces. The next batch of data is the one that economists are waiting for with a sense of trepidation as all of those factors will be accounted for and will almost certainly see a rise in the jobless figures.
Today’s Exchange Rates (Correct as of 10:40am)
The Pound to Euro exchange rate is currently trading at 1.1898
The Pound to US Dollar exchange rate is currently trading at 1.5862
The Pound to Australian Dollar exchange rate is currently trading at 1.5015
The Euro to US Dollar exchange rate is currently trading at 1.3329
The Euro to Pound exchange rate is currently trading at 0.8400
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