The UK’s unemployment rate has dropped to its lowest in 10-years in the 3 months up until November, according to the Office for National Statistics (ONS).
deVere Group previously reported in December that the rate for the third quarter of 2015 had almost reached the feat, with the UK having to wait a couple of months until the required 5.1% was achieved. This is the lowest that is has been since October 2005 and means that the amount of unemployed people currently lies at around 1.68 million.
Despite the good news, average weekly earnings including bonuses increased by their slowest rate in almost a year, up 2% and 0.4% slower than the previous rise. Excluding bonuses, the ONS stated that this figure rested at 1.9%. A Reuters survey had also predicted a 2.1% growth in wages for the same period, but this was slightly less at 2%.
As for temporary positions, workers who were in these roles but wanted a permanent job fell by 21,000 in the last 3 months, whereas the inactivity rate for women also dropped to a record low of 27%. Economic inactivity, which is classed as people on long-term sick leave, looking after a relative or who have stopped looking for work, fell by 93,000.
ONS bases their findings on the Labour Force Survey which contacts 60,000 households every quarter, making it the largest survey of its kind.