Stock Market News
Unexpected fall in unemployment - Update
17-10-2012 10:08
| Add To Google +1 | Tweet |
The UK jobs market is proving remarkably resilient, with latest figures showing another fall in unemployment.
The number of people out of work fell by 50,000 between June and August to 2.53m.
This put the unemployment rate at 7.9%, down 0.2% from the March to May figure.
Most analysts had expected the figure from the Office of National Statistics to remain steady at 8.1%.
Dr Howard Archer, chief UK economist at IHS, said the figures marked "another set of impressively resilient and healthy labour market data which gives a lift to recovery hopes".
However, he added that the employment figures were being propped up by ongoing restrained earnings growth as well as significant increases in part-time jobs and self-employment.
"In addition, it is likely that many companies are hoarding labour especially to keep hold of skilled and experienced workers," he said.
The number of people in full-time employment increased by 88,000, while the number of people in part-time employment jumped again, posting a 125,000 rise.
This brought the total number of people in jobs to a record high of 29.6m.
But Blerina Uruci, an analyst at Barclays Capital, said that compared with the same period in 2007, the number of people in full time employment had fallen by 355,000.
Meanwhile part-time employment had increased by 724,000.
Total pay including bonuses rose by 1.7% and regular pay excluding bonuses rose by 2%, largely in line with expectations.
Total pay in the private sector rose by 1.9%, while regular pay rose by 2.1%.
Total pay in the public sector (excluding financial services) rose by 2.4%, while regular pay in the public sector rose by 2.3%.
The number of people claiming Jobseeker's Allowance for September was 1.57m, down 4,000 from August and down 21,800 on a year earlier.
This was better than expected, with forecasts pointing to the claimant count remaining steady.
The number of people out of work fell by 50,000 between June and August to 2.53m.
This put the unemployment rate at 7.9%, down 0.2% from the March to May figure.
Most analysts had expected the figure from the Office of National Statistics to remain steady at 8.1%.
Dr Howard Archer, chief UK economist at IHS, said the figures marked "another set of impressively resilient and healthy labour market data which gives a lift to recovery hopes".
However, he added that the employment figures were being propped up by ongoing restrained earnings growth as well as significant increases in part-time jobs and self-employment.
"In addition, it is likely that many companies are hoarding labour especially to keep hold of skilled and experienced workers," he said.
The number of people in full-time employment increased by 88,000, while the number of people in part-time employment jumped again, posting a 125,000 rise.
This brought the total number of people in jobs to a record high of 29.6m.
But Blerina Uruci, an analyst at Barclays Capital, said that compared with the same period in 2007, the number of people in full time employment had fallen by 355,000.
Meanwhile part-time employment had increased by 724,000.
Total pay including bonuses rose by 1.7% and regular pay excluding bonuses rose by 2%, largely in line with expectations.
Total pay in the private sector rose by 1.9%, while regular pay rose by 2.1%.
Total pay in the public sector (excluding financial services) rose by 2.4%, while regular pay in the public sector rose by 2.3%.
The number of people claiming Jobseeker's Allowance for September was 1.57m, down 4,000 from August and down 21,800 on a year earlier.
This was better than expected, with forecasts pointing to the claimant count remaining steady.
| Related share prices |
|---|
Stock News is provided by Digital Look Corporate Solutions from Sharecast news. Please read the terms and conditions of useage of this data. Republication or redistribution of content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Digital Look Ltd.
Get a free widget for your website with our latest headlines.
You can now add our live prices and new headlines to your website.The news widget features quotes for Oil prices, spot Gold price and Indices plus a choice of news channel for healines.
Top Shares pages
- Share price quotes
- Share charts
- Share watch list
- Company Results Calendar
- UK 100 Shares
- Stock market news
- Company news
- Share tips
- A-Z company search
More share features
POPULAR Share Prices
- Lloyds share price
- HSBC share price
- Barclays share price
- Prudential share price
- Diageo share price
- BP share price
- Vodafone share price
- British Airways share price
- Centrica share price
- Tesco share price
- National Grid share price
- RBS share price
- GSK share price
- Marks and Spencer
- Rolls Royce
- Banco Santander price
- Direct Line
- Rio Tinto share price
- Amec Share price
- Corac share price
- Lookers
- Telecom plus
- Kier share price
- Punch taverns
- Blinkx share price
- Tan share price
- Yell share price
- Rsa share price
- Pendragon share price
- Logica share price
- Bat share price
- Sky share price
- Kingfisher share price
- Dragon Oil share price
- Desire Petroleum share price
- RRL share price
- BPC share price
- VOG share price
- SAR share price


Prices

