Unemployment falls, but not in the South West

Falmouth Packet: Unemployment falls, but not in the South West Unemployment falls, but not in the South West

Unemployment has fallen to 7.1 per cent in the UK - within touching distance of the figure which will be used to decide whether interest rates will increase, however official data has revealed joblessness was up 15,000 to 287,000 in the South West.

The region is one of two regions to record an rise.

Nationally the number of jobless people plunged by 167,000 in the quarter to November - the second biggest fall on record - to 2.32 million, the lowest for almost five years.

The Bank of England's monetary policy committee (MPC) has said it will not lift interest rates above their historically-low level of 0.5% until the unemployment rate drops to 7%.

Analysts had not expected the threshold to be reached until later in the year, although the Bank has stressed a figure of 7% will not automatically trigger an interest rate rise.

The new unemployment rate of 7.1% is down by 0.5% from June-August, and by 0.6% from a year earlier.

The quarterly fall of 167,000 is the biggest since the autumn of 1997 and the second largest since records began in 1971.

The number of people claiming jobseeker's allowance in December fell by 24,000 to 1.25 million, the lowest figure for almost five years.

The so-called claimant count has now fallen for 14 months in a row.

Meanwhile, the number of people in work has reached a record high of just over 30 million, giving an employment rate of 72.1%, an increase of 0.5% over the quarter to November.


An additional 280,000 people were in employment over the latest quarter compared to the three months to August, and up by 450,000 from a year earlier.

There was a fall in the number of people working part-time because they could not find full-time jobs - down by 12,000 to 1.4 million.

Economic inactivity - counting those who are looking after a relative, on long-term sick leave or who have given up looking for work - fell by 22,000 to just under nine million.

Average earnings increased by 0.9% in the year to November, unchanged from the previous month, giving a national weekly wage of £475, the report from the Office for National Statistics showed.

Long-term unemployment has fallen - down by 61,000 to 839,000 among those out of work for over a year.

The number of unemployed 16 to 24-year-olds fell by 39,000 to 920,000.

Employment Minister Esther McVey said: "Creating jobs and getting people into employment are central to our economic plan to build a stronger, more competitive economy, so it is very encouraging news that we've seen a record-breaking rise in employment over the last three months - the largest ever.

"With the highest quarterly fall in unemployment since 1997, it's clear that the Government's long-term economic plan to get people off benefits and into work so they can secure their future is proving successful."

Prime Minister David Cameron said on Twitter: "The biggest quarterly increase in employment on record. More jobs means more security, peace of mind and opportunity for the British people."

TUC general secretary Frances O'Grady said: "It's encouraging to see another big fall in unemployment, particularly amongst young people who until now haven't benefited from rising job levels.

Shadow work and pensions secretary Rachel Reeves said: "Today's fall in overall unemployment is welcome. The Government should use this opportunity to tackle the unacceptably high levels of long-term unemployment and youth unemployment. More than 900,000 young people are unemployed and over 250,000 young people are long-term unemployed.

"These figures also show prices are still rising more than twice as fast as wages which means working people are over £1,600 a year worse off on average under this out-of-touch Government."

 

 

Comments (1)

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11:45am Wed 22 Jan 14

Gillian Zella Martin 09 says...

I do not believe statistical figures are truly representative of employment rates in Cornwall, there is the fluctuation of seasonal employment, in addition to which, some seasonal work placements are currently being cut back on.
I do not believe statistical figures are truly representative of employment rates in Cornwall, there is the fluctuation of seasonal employment, in addition to which, some seasonal work placements are currently being cut back on. Gillian Zella Martin 09
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