UK Unemployment Rate 5.8% up to November With Healthy Wage Growth

The number of people out of work in the UK fell by 58,000 to 1.91 million, its lowest level for more than six years, in the three months to November, official figures indicate.

The unemployment rate now stands at 5.8% of the adult working population, the Office for National Statistics (ONS) said.

In total, there are now 30.8 million people in work.

The ONS said wage growth had also continued to outpace inflation.

In the September to November period, average earnings excluding bonuses were up 1.8% from a year earlier. Including bonuses, earnings rose by 1.7%.

It is the second consecutive month that both measures of earnings growth have been above the inflation rate.

Inflation, as measured by the consumer price index, stood at 1% in November and then fell to 0.5% in December as global oil prices tumbled further.

The number of people claiming Jobseeker’s Allowance in December fell by 29,700 to 867,000, the 26th consecutive monthly reduction, said the ONS.

The ONS figures showed the east of England and the south-east (76.6%) had the highest rate of employment, whiles Wales (68.7%) had the lowest.

The unemployment rate was highest in the north-east of England (8.5%) and lowest in the south-west (4.4%), the ONS said.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza