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News - 25 March 2014

UK unemployment falls by 63,000

The latest figures from the Office for National Statistics (ONS) show that the number of people out of work in the UK fell by 63,000 to 2.33 million in the three months to January 2014. The unemployment rate now stands at 7.2% of the population, down from 7.4% in the previous three months.

The number of people in employment rose to a record total of 30.19 million.

Average earnings also increased, with pay in the three months to January up 1.4% from a year earlier.

There was good news for young people, as the number of unemployed 16 to 24-year-olds stood at 912,000 in the three months to January, a drop of 29,000 and the lowest level since 2011. The ONS said long-term jobless was down by 38,000 to 828,000.

Employment Minister Esther McVey said:
"The rise in employment is being fuelled by businesses and entrepreneurs across the country who are feeling increasingly confident with the improving economy."

Prime Minister David Cameron tweeted: "Another significant fall in unemployment is a sign our long-term economic plan is working, providing security and chances for hard-working people."

However, Shadow work and pension’s secretary Rachel Reeves disagreed, saying "long-term youth unemployment has doubled under David Cameron".

Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“Looking at the figures, the level of employees actually fell by 60,000 over the quarter to January, with a large rise in self-employment making up for this drop in numbers.”

Just over 10% more men are employed than women, but the unemployment rate for men was higher than for women, with 7.4% of the male labour force out of work. There were 159,000 fewer people employed in the public sector for December 2013, compared with the September figure. However, a large part of this reduction is due to the privatisation of Royal Mail.

The figures for unemployment in the three months to January are based on the Labour Force Survey, in which the ONS speaks to 60,000 households once a quarter, making it the country's biggest household survey.

The ONS is 95% confident that the unemployment figure is correct to plus or minus 81,000 people.

For those who are looking for a more personal approach on a range of business related issues, contact us at ABDS.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Brilliant with numbers   
Great with people  
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In touch with issues that face our clients
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