According to official figures the number of people unemployed in the UK has dropped by 82,000 between the months of August and October, bringing the total number of people out of work across the country to 2.51 million. Employment rose 40,000 to 29.6 million, marking the highest figure since records began in 1971.
The overall unemployment rate has now dropped to 7.8%, bringing it down by 0.2% from the previous three months. The Office for national statistics has said that the total number of people claiming Jobseeker benefits has fallen by 3,000 down to 1.58million in November.
The UK economy is showing signs of a staggered recovery with mixed data giving conflicting signals as to its true strength. Business surveys have shown that firms in the dominate services sector have increased staffing levels, whereas those in the factory sector have reduced levels. The ONS said the number of public-sector employees fell by 24,000 in the third quarter to 5.745 million, the lowest since the first quarter of 2002. The ONS also revised public-sector employment upward by around 100,000 per quarter for recent quarters and by less for earlier years due to better data.
After last week’s autumn statement by Chancellor George Osborne it is hard to see how the employment level can be maintained. He hinted at further austerity measures and with news that several well known high street businesses are being forced to close the sense of a recession is once more rearing its ugly head. Utility bills are also set to soar again and the cost of living increases daily whereas wages are not.
The positive labour market news will come as a relief for the Bank of England policymakers, who decided against another cash boost for the economy last week.
The Pound to Euro exchange rate is currently trading at 1.2396
The Pound to US Dollar exchange rate is currently trading at 1.6132
The Pound to Australian Dollar exchange rate is currently trading at 1.5290
The Euro to US Dollar exchange rate is currently trading at 1.3014
The Euro to Pound exchange rate is currently trading at 0.8067
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