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News - 17 July 2014

UK unemployment falls to 2.12m

 The Office for National Statistics' (ONS) has released the official unemployment figures which show that unemployment fell by 121,000 to 2.12 million in the three months to May, which is the lowest level in nearly six years.

 
The number of people claiming jobseeker's allowance last month fell by 36,300 to 1.04 million, the ONS added.
 
However, the growth of wages slowed down again. Average wages in March to May were just 0.3% higher than a year ago, which is the weakest level for five years and has heightened renewed concerns over the cost of living.
 
Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“In the three months to May, total pay including bonuses rose at an annual rate of 0.3% - down from a yearly rise of 0.8% in the three months to April. But when the effect of bonuses was excluded, growth of 0.7% was measured, which, the ONS said, was the slowest rate under that measure since records began in 2001.”
 
The ONS has also produced figures that show a steeper-than-expected increase in the headline measure of inflation from an annual rate of 1.5% in May to 1.9% in June confirming that the gulf between rising prices and pay increases was widening further.
 
The Government admitted there was "more work to do" to help bolster living standards but pointed to the unemployment figures as evidence that progress was being made.
 
For those who are looking for a more personal approach on a range of individual and business related issues, contact us at ABDS.
 
ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900 E-mail: abds@netaccountants.net
 
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