According to the Office for National Statistics (ONS), the number of people without jobs in the UK has decreased in the three months leading to June 2013. Figures from the ONS show that unemployment dropped to 4,000 leaving 2.51 million without work.
Data from the ONS also show that the number of employed has reached 29.78 million, which is a record high. This figure also shows a rise of 300,000 compared to the previous year.
According to the Office for National Statistics (ONS), the number of people without jobs in the UK has decreased in the three months leading to June 2013. Figures from the ONS show that unemployment dropped to 4,000 leaving 2.51 million without work.
Data from the ONS also show that the number of employed has reached 29.78 million, which is a record high. This figure also shows a rise of 300,000 compared to the previous year.
Around two-thirds of the increase in employment can be attributed to British nationals, while a third came from non-UK citizens.
The ONS cites the employment growth was driven by a boost in permanent jobs which saw an increase of 110,000.
The number of people claiming Job seeker’s Allowance has also dropped, marking the lowest it has been since February 2009. In July of this year, the recorded figure was 1.4 million, which is a decline of 29,000.
Records also show that for three consecutive months, the number of people signing on in the UK has dropped.
Pensions Minister Steve Webb said that the figures showed that things were looking brighter. He added that the job numbers indicate that the economy is slowly picking up. He also mentioned that the number of women in employment is at a high. Webb attributed the growth to a rise in permanent jobs in the private sector. Furthermore, he states that the figures are an indication that businesses are gaining more confidence.
Mark Hoban, the employment minister, cited that there are more jobs now since the end of 2008, and that the number of hours worked has also increased. He said this is an indication that there are opportunities for people to secure a job.
IHS Global Insight Chief UK Economist Howard Archer said the figures are encouraging. He added that the labour market is benefiting greatly from a better performing economy and an increased confidence of the business sector.
The ONS also released data indicating that wages increased by 1.1% over the last 12 months. When bonuses are added into the mix, the resulting figure was 2.1%, which is the highest growth rate on a yearly basis recorded since June 2011.
The announcement of the drop in unemployment comes right after Mark Carney, the governor of the Bank of England, announced that the banks decision regarding interest rates depends on the unemployment rate.
The current rate of people out of work in the UK is at 7.8% while the target figure set by the bank is 7%.
On the other hand, Mr Archer expects a continued but slow fall in unemployment over the coming months, but hints that it might be limited by an increase in productivity, where employers are making more use of under-utilised workers, and a boost in the return of previously discouraged workers to the labour market.
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