UK Jobless Rate Lowest Level

UK Jobless Rate Lowest Level.

The UK Jobless rate has fallen to its lowest level since 2008. According to the Office for National Statistics (ONS), unemployment fell to 6.2% over the three months to the end of July.

The number of people claiming jobseekers allowance fell in August to below one million, this was the first time in 6 years. Comparing May to July 2014 with last year there were 774,000 more people in employment.

Over the past 12 months the number of unemployed fell by 468,000 - this was the largest annual rise since 1988. The number of 16-to-24 year olds that were not employed fell by 213,000 over the past 12 months.

But as mentioned in our story from earlier this week, wages continued to fall behind the rate of inflation. Average earnings only rose 0.6% from the year before.

The Bank of England are under continued pressure to raise interest rates and now recent figures about the jobless rate and UK inflation are going to add to these rising pressures.