Unemployment in the East drops - but so does number of workforce jobs

Daniel Fowler
May 16, 2018

The Office for National Statistics said average earnings for workers, excluding bonuses, were up 2.9 percent in the first three months of the year from the same period the year before.

A separate ONS report reveals that there were 2.29 million European Union nationals working in the United Kingdom - 28,000 fewer than a year earlier.

Scotland's overall employment rate stood at 74.7 per cent - lower than the UK's at 75.6 per cent.

The number of people in employment reached a new record rate of 75.6% after employers hired a larger than expected 197,000 people in the first three months of the year.

Now, much of that impact is waning, easing fear among rate-setters that higher inflation was here to stay.

Senate to receive 2018 budget report today
President Buhari had on November 7, 2017 presented a budget of N8.6 trillion before a joint session of the National Assembly. This is part of the recommendations of the Committee of Appropriations in its reports submitted by Senator Danjuma Goje .

The ONS data found some tentative signs that the squeeze on household budgets could be easing as wages were estimated to have increased by 2.9 per cent in the quarter - faster than inflation for the first time in more than a year.

Esther McVey, the secretary of state for work and pensions, said: "Since 2010 we have seen more than 3.2 million people move into work right across the UK. It's important to remember, though, that this isn't a measure of migration". Youth unemployment has fallen by over 40% and the unemployment rate at its joint lowest since 1975. The jobless rate stayed steady at 4.2%, the lowest since 1975.

"With wages growing faster than inflation and increases in the personal tax allowance, not only are more people bringing home a pay packet but they are keeping more of their hard-earned money for themselves and their families".

"On balance, the combination of robust employment growth, falling unemployment and stronger underlying earnings growth, as well as a clear relapse in productivity in the first quarter, looks supportive to a Bank of England interest rate hike in August", said Howard Archer, chief economic adviser to the EY ITEM Club consultancy.

"As markets become increasingly sceptical about the prospects of a United Kingdom rate hike this year, the latest wage data could prompt a bit of a rethink". "Millions of jobs do not pay a real living wage".

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