The ONS (Office for National Statistics) has just released figures that show the number of unemployed people in the UK fell by 48,000 between July and September 2013. This has pushed the official unemployment rate down to 7.6% (2.47 million people) – the lowest jobless rate in the UK for more than three years.
As the economy continues to grow, the latest statistics have revealed that it’s good news all round when it comes to employment:
- The number of people claiming Jobseeker’s Allowance fell by 41,700 to 1.31 million in October 2013.
- Youth unemployment is starting to show much-needed signs of improvement with the number of jobless 16-24 year-olds falling by 9,000 to 965,000.
- Prime Minister, David Cameron has announced that there are now 1.1 million more people in work than there were before the election.
- The number of people in work rose by 177,000 to 29.95 million and total pay rose by 0.7% in comparison to the same three-month period in 2012.
- Average weekly pay, including bonuses has risen to £475 per week.
These figures aren’t just great news when it comes to recruitment, they also prove that the UK’s economy is well and truly recovering from a difficult few years. Having grown another 0.8% in the third quarter of 2013, experts believe that this is a sign of good things to come.
Chief Economist at Currency Brokers, World First, Jeremy Cook said:
“This latest figure will hearten those who believe that the UK economy has now turned a corner. As it stands, the UK is the strongest economy in the G10 and it certainly has momentum”.
As a result of another quarter of positive data, the Bank’s forecasters suggest that there is a higher possibility of the unemployment rate falling to 7% earlier than what was originally forecasted.
What has your recruitment experience been like over the last six months? Are you are recruiter? Have you been hiring more or less people? Perhaps you are a candidate – are you finding jobs much easier to come by? Let us know your thoughts below.