19 November 2012

UK unemployment rate falls again

The rate of unemployment in the UK has fallen to its lowest level for over a year. Figures from the Office for National Statistics (ONS) show that the jobless rate fell by 49,000 in the three months to September to 2.51 million.

Encouragingly, youth unemployment, which is at record levels, has also fallen. However, many analysts are saying that the job creation is not in full time permanent jobs, but part time jobs and temporary work created as a result of the Olympics and companies hiring temporary staff in the run up to Christmas.

This is shown in the ONS statistics. Part-time employment has increased by 49,000 to 8.1m which is almost a record high. Full time employment increased by 51,000 to 21.4m which is undoubtedly encouraging.

Overall, the number of people in work increased by 100,000 in the latest quarter to just under 30m, a rise of over half a million over the past year.

Other figures from the ONS showed that long-term unemployment - those out of work for over a year - increased by 12,000 in the quarter to September to 894,000, while 443,000 people have been jobless for over two years, up by 21,000.

Nov 12

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