UK Unemployment Falls by 57K Stands at 2.51 Million

UK unemployment fell by 57,000 to 2.51 million in the three months to May, the Office for National Statistics said.

Youth unemployment fell by 20,000, but the number of long-term jobless hit a 17-year high.

The number of Jobseeker’s Allowance claimants in June fell by 21,200 to 1.48 million, the first fall below 1.5 million for nearly three years.

Ministers said it showed that recovery was taking hold, but critics said the human costs were still too high.

Separately, the ONS reported that average earnings increased by 1.7% in the year to May, up by 0.2% on the previous month, giving an average weekly wage of £476.

The unemployment rate was 7.8%, the ONS data showed. The number of people in employment rose by 16,000 to a total of 29.7 million.

However, 915,000 people have been out of work for more than a year, the ONS figures showed, an increase of 32,000 and the highest total since 1996.

via BBC

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

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
Alfonso Esparza

Latest posts by Alfonso Esparza (see all)