You are here: Home - Household Bills - News -

Sterling rises as unemployment rate holds steady

Written by:
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.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Coronavirus and your finances: what help can you get?

News and updates on everything to do with coronavirus and your personal finances.

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

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:
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.