The ONS have released figures that show that unemployment has fallen to an 11 year low and is down by 37,000 to 1.6 million in the three months to September.
The jobless rate fell to 4.8% in the same period, while the number of people in work went up by 49,000, said the Office for National Statistics (ONS).
Average weekly earnings grew by 2.3% in the year to October including bonuses and by 2.4% excluding bonuses.
The Unemployment Uncertainty
The Bank of England has forecast that unemployment is set to rise amid uncertainty over Brexit.
ONS statistician David Freeman said: “Unemployment is at its lowest for more than 10 years and the employment rate remains at a record high. Nonetheless, there are signs that the labour market might be cooling, with employment growth slowing.”
The British Chambers of Commerce said Brexit was “dampening firms’ recruitment intentions” and that this would put “increased pressure on UK employment levels”. “These subdued labour market and economic conditions are also expected to keep a lid on wage growth over the next year, despite higher than expected levels of inflation,” said BCC head of economics Suren Thiru.
Iain Lock MD of Q&A HR said ” Whilst this is good news we all know that the uncertainty over Brexit and what that will entail will have an effect at some point in time. With Google announcing a large investment in to the country and creating many jobs it shows that the country is still open for business but we must be mindful that a hard Brexit could result in the economy falling back and unemployment may begin to rise”.
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