UK unemployment at lowest level since 1970s

UK unemployment at lowest level since 1970s

employment

UK unemployment has not been at a lower level since the mid-1970s, according to new data released on Tuesday.

According to the Office for National Statistics, the estimated UK unemployment rate dropped to 3.8%, and it hasn’t been this low since October to December 1974.

The Office for National Statistics said that, for May to July 2019, the UK employment rate was estimated at 76.1%, above the 75.5% recorded a year earlier.

“Estimates for May to July 2019 show 32.78 million people aged 16 years and over in employment, 369,000 more than for a year earlier,” the report said.

“This annual increase has mainly been driven by more women in employment (up 284,000 on the year to reach 15.52 million). Male employment also showed an increase of 86,000 on the year to reach 17.26 million; this increase was driven by those who were self-employed.”

Additionally, the data shows that the annual growth in average weekly earnings for employees in the UK, including bonuses, rose to 4%.

Average total pay growth, including bonuses, varied by industry sector. Construction saw the highest estimated growth of 6.2%, whilst manufacturing saw the lowest growth, estimated at 2.4%.

“The rate of pay growth has been trending upwards since mid 2017. In May to July 2019, that trend has continued for total pay, while annual growth in regular pay dipped by 0.1 percentage point when compared with April to June 2019,” the report continued.

“The pattern of higher growth in construction and finance and business services, and lower growth in manufacturing and wholesaling, retailing, hotels and restaurants has been evident throughout 2019,” the Office for National Statistics said.

The GBP/USD remained below 1.2350 despite the new employment data and rise in UK wages.

The data comes as the nation approaches the extended Halloween EU departure deadline.

With the deadline fast approaching, the only thing certain for the UK at this point is additional Brexit uncertainty. What will life outside of the EU hold for the nation?