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UK Adds Jobs
World Economy

UK Adds Jobs

The UK unemployment rate fell to a seven-year low of 5.4% in the three months to August, official figures have shown, BBC reported. It was the lowest jobless rate since the second quarter of 2008 and better than a forecast of 5.5%. The number of people out of work fell by 79,000 between June and August to 1.77 million, the Office for National Statistics said. The total claiming jobless benefits rose by 4,600 to 796,200 in September. The number of people in work rose by 140,000, bringing the employment rate to 73.6% - the highest since records began in 1971. In the three months to August, workers’ total earnings, including bonuses, were up 3% from a year earlier - slightly less than expected. Excluding bonuses, average weekly earnings growth slowed slightly to 2.8%. Rising pay is a factor used by the Bank of England in considering when to start raising interest rates. Wage growth remains weaker than before the financial crisis, but gathered pace faster than the Bank expected earlier this year. However, consumer price inflation in September turned negative once more, according to figures released on Tuesday.

 

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