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Unemployment falls below two million

October 23, 2014  /   No Comments

Nick Elvin

UK unemployment has seen the largest annual fall since records began more than 40 years ago, according to the latest Office for National Statistics (ONS) figures.

The number of unemployed people fell by 154,000 to 1.97 million in the three months to August, putting it below two million for the first time since 2008, and there are now more than half a million fewer people out of work than there were a year ago.

The unemployment rate has also fallen to 6% – a six-year low. Just over a year ago the rate was 7.7%.

Commenting on the figures, Employment Minister Esther McVey said: “Behind the record figures there are countless individual stories of people turning their lives around, of families who are now feeling more secure with a regular wage, and of young people escaping unemployment and building a career.

“We know there is always more to do, which is why it is vital to stick to delivering a plan for full employment that’s creating growth and jobs.”

The statistics also show the number of unemployed young people (18-24) fell by more than a quarter of a million since last year, while overall job vacancies rose by 130,000.

Neil Carberry, CBI director for employment and skills, said the figures were encouraging, but added that the issue of pay was still a concern.

“Whilst pay growth has risen, it remains sluggish, reflecting persistently weak productivity,” he said.

“All politicians need to look beyond short-term headlines to policies that will boost skills and productivity, underpinning the ability of firms to pay more in future.”

Len McCluskey, general secretary of the Unite union, welcomed the fall in unemployment, but added: “This is a part time recovery built on the back of low wages and an explosion of self-employment which is leaving millions in an employment limbo land, without rights, security or guaranteed income. The Government needs to look at this phenomenon and honestly assess what it means for the nation.

“This Government also needs to face up to the fact that people have seen their incomes drop in real terms by a staggering £1,600 a year on their watch, forcing families to choose between heating and eating this winter.

“This is not the basis for a sustainable recovery. Britain needs a pay rise and an economic recovery that benefits the majority and an economy built on secure, decent paid jobs.”

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  • Published: 9 years ago on October 23, 2014
  • Last Modified: October 22, 2014 @ 8:18 pm
  • Filed Under: News, Weekly Bulletin

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