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The number of jobless people dropped by 76,000 to 1.84 million in just three months. To put this into perspective, the unemployment rate has fallen to 5.6% which was in line with forecasts.

Unemployment Falls

Unemployment Falls

Hot in the news yesterday was the talk that unemployment was down, and at a significant rate too. The jobless total has fallen to its lowest since July 2008. These official figures were shown by the Office for National Statistics, recorded for the months leading up to February this year.

The number of jobless people dropped by 76,000 to 1.84 million in just three months. To put this into perspective, the unemployment rate has fallen to 5.6% which was in line with forecasts. As emphasised in a previous post, salaries have been on the rise which is in accordance with the published statistics that average weekly earnings rose by 1.8%  in the three months to February 2015. From December of last year to February, the economy has become increasingly ‘job-rich’ though some people doubt it’s significance in alignment with wages. Martin Beck, senior economic advisor to the EY ITEM Club, said: “The latest numbers are no exception with good news for those looking for work, but less so for those already in employment.”

Despite the uncertain views of these encouraging figures for those looking for work, optimism for it to continue is also thought of.  Samuel Tombs, senior UK economist at Capital Economics, said: ” [the UK’S] employment miracle shows no signs of drawing to a close”. In the light of these statistics published only yesterday, it is expected that the jobless rate will continue to fall further in the coming months.

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Source: ONS