UK Unemployment Falls to 5.7%

The number of people out of work in the UK fell by 97,000 to 1.86 million in the three months to December.

The unemployment rate now stands at 5.7% of the adult working population, the Office for National Statistics (ONS) said.

The ONS said the employment rate, or level of people in work, was 73.2%, its joint highest rate.

Average earnings including bonuses were up 2.1% in the quarter compared with a year earlier.

Excluding bonuses, earnings rose by 1.7%.

CPI inflation was 0.5% in December, and new data released on Tuesday showed the rate fell to 0.3% in January, its lowest level since records began.

James Sproule, chief economist at the Institute of Directors (IoD), said wages would continue to rise as competition for talent intensified. “Two-thirds of IoD members [are] planning pay rises at least in line with inflation over the coming months,” he added.

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