Financial News

  • 20 March 2014, 15:28

Unemployment Drops By 63,000 In Last Quarter

The unemployment figure for the three months to January has dropped by 63,000 to 2.33 million.

The Office for National Statistics (ONS) added that the number of people claiming Jobseeker'sAllowance last month fell by 34,600 to 1.17 million.

Meanwhile, the ONS said average earnings increased by 1.4% in the year to January, up 0.2% on the previous month.

The latest official data gives the Government a Budget boost, with a record number of people in work.

More than 459,000 are employed compared to a year ago, taking the total to just over 30 million in jobs.

It is the highest figure since records were started in 1971.

The ONS said the jobless rate dropped to 7.2%, with most of the fall being from men.

It added that there was a fall in the number of part-time workers, because they were unable to find full-time jobs.

It said the part-time total was down 32,000 to 1.4 million.

Although a reduction was reported, the total is still 41,000 than at the same time in 2013.

Both long-term unemployed and jobless youth figures were down.

The ONS said long-term jobless was down by 38,000 to 828,000, while 912,000 aged 16 to 24 were without work.

The youth figure was down by 29,000.

It said Britons classed as economically inactive fell by 19,000 to 8.9 million.

That figure includes those who have given up looking for work andcarers.

The latest data also shows public sector employment on the decline, with a drop of 159,000 to 5.5 million - recorded as the lowest level since 1999.

The big drop was said to include the large numbers of Royal Mail workers now classed as being in the private sector, after the company's flotation last autumn.

Meanwhile, the civil service reduced numbers by 6,000 to 441,000 and local government fell by 25,000 to 2.3 million.

Private sector employment is now 662,000 more than at the same time last year.

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