Human Resource Management

HRM Guide Updates

UK Unemployment

Labour Market Statistics

September 17 2014 - The unemployment rate stands at 6.2% - down 0.4% on the quarter and 1.5% down over the year. 30.61 million people were in work in May to July 2014 according to the labour force survey (LFS). The number of people employed was 74,000 higher this quarter and 774,000 higher than last year.

The working age employment rate is 73.0% - up 0.1% on the last quarter and up 1.4% over the year.

ILO-defined unemployment in May to July 2014 was 2.02 million (6.2%) - down by 146,000 on the previous quarter and down 468,000 on the same quarter last year.

The claimant count for key out-of-work benefits was 966,500 in August - down by 37,200 on the previous month and down 423,600 on the year.

Average wages, including bonuses, rose by 0.6% over the year.

Secretary of State for Work and Pensions Iain Duncan Smith said:

"Creating jobs is central to building a stronger, more resilient and stable economy. With millions more people in private sector employment under this government, it is clear that our long-term economic plan is helping Britain to recover following one of the deepest recessions in living memory.

"All of our reforms are focused on helping people off benefits and into work - giving people the peace of mind and security that comes with a steady income. With the number of people claiming the main unemployment benefit down below 1 million for the first time in 6 years, we are helping people to break free from welfare dependency, look after themselves and their families, and play their part in getting our country back to work.

CIPD Chief Economist Mark Beaston said:

"Figures vary from month to month but employment has continued to grow, perhaps not as quickly as in the last three or four quarters, but still by enough to keep pace with a growing population and deliver a big reduction in unemployment. Vacancies continue to rise and this is in line with our recruitment intentions survey, which shows that employers expect to carry on recruiting. The numbers working for themselves also continue to grow strongly.

"At a time when many other European countries are struggling to create jobs, this is a considerable achievement. However, the new figures also show that pay growth remains very subdued and well below all measures of price inflation, so the improvements in productivity and pay that we are all looking for are still not in sight. Employers need to take advantage of the currently favourable recruitment climate to invest in upskilling their business and its people."

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