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News - 16 October 2014

Unemployment falls below 2 million


The latest figures released by the The Office for National Statistics (ONS) show that unemployment fell by 154,000 in the three months to August to 1.97 million, with the jobless rate falling by more than expected to 6% - its lowest level since October 2008.

The report also highlights the continuing concerns about wage growth - measured at just 0.7% on an annual basis between June and August, which means that earnings are still failing to keep pace with inflation despite annual living cost increases being calculated at just 1.2%.

British Chambers of Commerce (BCC) chief economist David Kern said: "The UK labour market remains strong. However, there are some areas of concern such as the slowest increase in employment for 15 months, which suggests that the pace of economic growth is easing."

Shadow work and pensions secretary Rachel Reeves criticised the weak growth in wages. "Wages still well behind inflation. The pay squeeze on working people continues."

But employment minister Esther McVey said: "Today's record figures show that the government's long-term economic plan to help businesses create jobs and get people working again is proving successful."

Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“Youth unemployment, which covers 16-to-24-year-olds, continued to ease and fell by 88,000 over the quarter to 733,000. But those classified as economically inactive, such as students, long-term sick and those retiring early, increased by 113,000 in the quarter to more than nine million.”

Other key figures included show:

  • The number of people claiming Jobseeker's Allowance in September fell by 18,600 to 951,900, the 23rd consecutive monthly reduction.
  • The number of self-employed people dropped by 76,000 in the latest three-month period to 4.5 million, but the total is 279,000 higher than a year ago.
  • The number of employees in part-time jobs has reached a record high of 6.8 million.
  • Youth unemployment - covering 16-to-24-year-olds - fell by 88,000 over the quarter to 733,000, giving a jobless rate among the age group of 16%.

If you need any help and advice with your PAYE, RTI or CIS, or looking to outsource your Payroll Department, contact ABDS NOW to discuss how we can help.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Brilliant with numbers   
Great with people  
Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients and
mindful of their long term strategic goals

Helping Your Business is Our Business

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