Call us on 0844 324 5840

NEWS

UK Unemployment Hits Decade Low

Self Employed

UK unemployment held at 5.1% over the three months from November to January, the lowest rate since 2006.

The Office for National Statistics (ONS) reported that weekly earnings grew at a faster pace than expected. Meanwhile job creation slowed over the same period.

The number of unemployed fell by 28,000 from the last quarter to 1.68 million. 31.42 million are in work, which is 478,000 up on a year ago. The employment rate is 74.1%, which is the joint highest rate of employment since records began in 1971.

In total 22.94 million people are working full-time, an increase of 302,000 over the previous year. 8.48 million are working part-time, which is 177,000 more than the year before. The report lists 8.89 million people aged 16-64 as ‘economically inactive’, which means they are not working and not seeking work.

The number of people claiming benefits also fell to the lowest level since April 1975. In February a total of 716,700 people claimed out-of-work benefits. This was a reduction of 18,000 from January and 102,500 on the previous year.

Average earnings increased by 2.1% (including bonuses) in the year to January. Excluding bonuses, the increase was 2.2%, a 0.2% increase on the previous three-month period. Total wages in the private sector rose by 2.3% in January, compared to 2.1% in December.

Economists had been anticipating an overall increase of 2% on earnings including bonuses.

Despite this, wage growth has failed to meet the rapid fall in unemployment and remains below pre-financial crisis levels. The rate is unlikely to grow over this year given the slowing global economy.

The ONS published the data on the morning of George Osborne’s latest Budget. Earlier this week the Chancellor unveiled a rise in the minimum wage for under-25s that will come in this October.


Is your monthly payroll a pain? We can help with our Payroll Services. Call us on 0844 324 5840 or contact us online to find out more.

SHARE THIS:

Instagram

GET IN TOUCH

Got questions? Looking for advice?

RELATED RESOURCES

Explore our comprehensive library of related resources to gain valuable insights, expert tips, and helpful tools for optimising your HR practices.

01
Half of UK employers expect redundancies after furlough scheme ends
4 June 2020
02
Tribunal cases and wait times increasing
19 December 2018
03
Interesting HR Statistics 2018
14 December 2018

PARTNER REGISTRATION

Register your details below and we will contact you regarding how HR Solutions can support your organisation.

MAKE A GENERAL ENQUIRY

We’re here to assist you with any questions or enquiries you might have. Simply fill out the form below, and our dedicated team will get back to you.

REQUEST A PROPOSAL FROM US

We’re here to assist you with any questions or enquiries you might have. Simply fill out the form below, and our dedicated team will get back to you.

BOOK YOUR PLACE

Please complete the form and one of our team will call you back to discuss your query/booking.

Request your free trial

Register your details below and we will contact you about your 30 day free trial of the HR Knowledge Base.

REGISTRATION FORM

Register your details below and we will contact you about access to the HR Knowledge Base.  As part of your approved industry membership organisation you can get access to the HR Knowledge Base, created by Business HR Solutions, which is the go-to resource for thousands of business owners and managers across the UK.

2023/2024 SME BUSINESS SURVEY

Our latest 2023/24 SME Business Survey sheds light on the intricate dynamics shaping the SME sector and unveils critical insights that can guide businesses toward sustainable success.

IF YOU WISH TO PURCHASE HR ADVICE LINE TIME, PLEASE COMPLETE THE FORM BELOW.

HR Solutions are here to help. We offer a standard hourly rate package for ad hoc HR advice which means you can pay for what you need, whenever you need it, and then quickly get advice. Our highly experienced advisors are on hand to provide you with practical employment advice to help you manage your workforce.  You can purchase HR Advice Line time now, and the time purchased will be valid for 12 months.