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Latest ONS figures show unemployment has fallen, wages have risen

14 Mar 14  | Recruitment News
 

The latest figures from the Office for National Statistics (ONS) reveal that unemployment has fallen and wages have increased.

Bbc.co.uk reports that in the three months to December, UK unemployment fell by 125,000, meaning that just 2.34 million people were out of work.

The rate of unemployment is ever edging towards seven per cent, as it now stands at 7.2 per cent. In the past, the Bank of England (BoE) suggested that interest rates could rise once unemployment dips below seven per cent.

Earnings are also up, as in the year to December 2013 they increased by 1.1 per cent. However, wage rises are still below inflation, which is at 1.9 per cent - according to the Consumer Price Index, reports itv.com.

Figures from the ONS show that the number of people dependent on Jobseeker's Allowance dropped too. At the end of last year, just 1.22 million Brits were signing on, a fall of 27,600 over the three months running up to December.

The number of people taking up part-time work has fallen, but is still higher than it was a year ago, showing that there is a lack of full-time employment for some 1.4 million workers.

Prime minister David Cameron tweeted that the latest ONS figures are good news for Britain. "It's good to see another fall in unemployment," he says. "Our long-term economic plan means more people with the security of a wage and a chance in life".
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