BrightPay Blog


Sep 2017

26

42 Year Low in UK Unemployment

The UK's unemployment rate has fallen to its lowest level since 1975, according to official figures which also show a growing gap between price rises and wage growth. The unemployment rate fell to 4.3% in the three months to July, down from 4.4% in the previous quarter and 4.9% a year earlier.

The employment rate, which measures the proportion of people aged 16- 64 in work, hit 75.3% - the highest since comparable records began in 1971. In total, there are 32.1 million people at work in the UK, according to the figures, or 181,000 more than the previous quarter.

While that performance suggests the labour market is continuing to shrug off uncertainties and other headwinds in the wake of the Brexit vote, the figures also highlighted a worsening squeeze for family budgets. It is also reported that average wage growth remained static at an annual rate of 2.1% over the same three months. With inflation coming in at 2.9%, the real value of wage growth is falling.

Posted byCaoimhe ByrneinEmployment UpdatePay/WageWages