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News - 18 February 2015

UK unemployment falls to 1.86 million.

The UK unemployed figure fell by 97,000 to 1.86 million in the three months to December 2014

The data is from the Office of National Statistics (ONS) with the rate now at 5.7% of the working population.

The ONS also said total pay was 2.4% higher in December compared with the same month in 2013 - the biggest lead over inflation since March 2010.

The Consumer Prices Index (CPI) inflation rate was 0.5% in December, with yet another fall reported in January to 0.3%, its lowest level since records began. 

Liz Kennett, Manager of the Accounts Department of ABDS comments:
“The ONS also reported that the employment rate, for those aged between 16 and 64 was 73.2% for the three months to December, a joint record high with the period December 2004 to February 2005.”

However, over the quarter the number of self-employed fell 19,000 to 4.4 million, and the unemployment rate for 16 to 24-year-olds was 16.2%, which was unchanged on the previous quarter.

Long-term unemployment also fell, by 210,000 among those out of work for more than a year, to 638,000.

There are regional variations; the ONS said the unemployment rate was highest in the North East at 8%, with 103,000 people out of work - down 15,000 on the previous quarter.

The rate was lowest in the South West at 4.5%, where the number of unemployed fell by 7,000 to 122,000.

London had the highest number of people out of work at 295,000, up 7,000 to 6.4%, while Wales had the highest regional rate at 6.7%, with Northern Ireland on 5.7% and Scotland at 5.4%, lower than the national rate.

For those who are looking for a more personal approach on a range of individual and business related issues, contact us at ABDS.

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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