UK
unemployment fell by 32,000 to 1.61m in the quarter ending January 31, according to new figures out today.
Data from the Office for National Statistics showed that 89,000 fewer people are currently unemployed compared to year-ago figures. Added to this, the number of people claiming jobseeker’s allowance continued to decline for the 17th consecutive month, falling by 2,800.
Despite the credit crunch, the job market shows little sign of cooling – the number of job vacancies stands at 678,500.
The report also showed that despite the increasing rate of inflation and rising living costs, pay increases remain subdued – average earnings rose at an annual rate of 3.7% in the three months to January.
Stephen Timms, minister for employment said: “There have never been more people in work in the UK. Our employment rate of 74.8% continues to be above that of most other countries in the EU.”
© Crimson Business Ltd. 2008