You are here: Home - Household Bills - News -

Sterling rises as unemployment rate holds steady

0
Written by:
19/10/2016
Employment in the UK reached a record high in the three months to August, while the jobless rate held steady at a 11-year low, official figures show.

Sterling moved sharply higher on the news, reaching an eight-day high against the dollar moving above $1.23.

The Office for National Statistics (ONS) figures for June to August showed 31.81 million people were in work, 560,000 more than the same period last year.

The employment rate – the proportion of people aged 16 to 64 who were in work – was 74.5%, the joint highest since records began in 1971.

There were 1.66 million unemployed people during the period, 10,000 more than for March to May but 118,000 fewer than for a year earlier.

The unemployment rate was 4.9%, unchanged from the previous quarter, but down from 5.4% for a year earlier.

Wage growth fell slightly to 2.3%.

Ben Brettell, senior economist at Hargreaves Lansdown, said: “The UK’s labour market is showing remarkable resilience despite Brexit-related uncertainty, with employment at an all-time high and the jobless rate at an 11-year low.

“Today’s release is the latest piece of evidence which shows the economy has fared better than expected since June’s referendum. A survey released on Monday showed UK consumers were at their most optimistic for five years – though sentiment in largely pro-Remain London fell slightly.

“Since the vote to leave the EU, economists and commentators have been forecasting a sharp rise in unemployment as the uncertainty affects firms’ hiring decisions. The Bank of England expects a rise to 5.5% once the full effect filters through. Yet for now, the UK labour market sails serenely on.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
pensions
Government scraps secondary annuity market plan

The government has announced it has cancelled plans to create a secondary annuity market amid concerns over consumer protections.

Close