Daily Sabah logo

Politics
Diplomacy Legislation War On Terror EU Affairs Elections News Analysis
TÜRKİYE
Istanbul Education Investigations Minorities Expat Corner Diaspora
World
Mid-East Europe Americas Asia Pacific Africa Syrian Crisis Islamophobia
Business
Automotive Economy Energy Finance Tourism Tech Defense Transportation News Analysis
Lifestyle
Health Environment Travel Food Fashion Science Religion History Feature Expat Corner
Arts
Cinema Music Events Portrait Reviews Performing Arts
Sports
Football Basketball Motorsports Tennis
Opinion
Columns Op-Ed Reader's Corner Editorial
PHOTO GALLERY
JOBS ABOUT US RSS PRIVACY CONTACT US
© Turkuvaz Haberleşme ve Yayıncılık 2023

Daily Sabah logo

عربي
  • Politics
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • Elections
    • News Analysis
  • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Expat Corner
    • Diaspora
  • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • Islamophobia
  • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
  • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
  • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Reviews
    • Performing Arts
  • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
  • Gallery
  • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
  • TV

UK unemployment hits new 42-year low

by

LONDON Sep 14, 2017 - 12:00 am GMT+3
by Sep 14, 2017 12:00 am

Britain's unemployment rate has fallen to a new 42-year low, official data showed on Wednesday, but wages growth remains far below overall inflation. The unemployment rate fell to 4.3 percent in the quarter through to the end of July, reaching the lowest level since 1975, the Office for National Statistics (ONS) said in a statement.

It had stood at 4.4 percent in the three months to June.

Employment reached a new record high of 32.1 million workers, as the number of people in jobs increased by 181,000 in the three months to July 2017.

A total of 1.46 million people were recorded unemployed at the end of July, down 175,000 on a year earlier.

But growth in wages continue to lag behind Britain's annual inflation rate, which ONS statistics Tuesday showed had jumped to 2.9 percent in August from 2.6 percent in July.

Average weekly earnings rose by 2.1 percent year-on-year in the three-month period to July, below the Bloomberg consensus estimate of 2.3 percent.

The combination of rising inflation and stagnating wage growth meant that real wages fell by 0.4 percent, further reducing purchasing power in the UK.

"Job creation is a huge U.K. success story," said Ian Stewart, chief economist at Deloitte. "Despite Brexit uncertainties and slower growth, the U.K. continues to generate ever lower unemployment and ever more jobs."

Despite the strong jobs growth, there is concern that weak wages growth is starting to hurt consumption, reducing the chances of interest rate tightening from the Bank of England that would give a lift to savers.

The government on Tuesday signaled its intention to raise salaries for all public sector workers by more than a 1-percent cap in place during several years of state austerity.

The first to benefit are police officers, who will see their pay increase by 2.0 percent, and prison officers, who are receiving a 1.7-percent hike.

But the POA prison officer union branded the move a pay cut in real terms, reflecting a wider frustration at loss of purchasing power in the U.K.

  • shortlink copied
  • RELATED TOPICS
    fight-against-terrorism DEUTSCHE-BANK US-LIBYA-RELATIONS
    KEYWORDS
    business
    The Daily Sabah Newsletter
    Keep up to date with what’s happening in Turkey, it’s region and the world.
    You can unsubscribe at any time. By signing up you are agreeing to our Terms of Use and Privacy Policy. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
    No Image
    Turkey builds thousands of homes for displaced in Syria's Idlib
    PHOTOGALLERY
    • POLITICS
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • News Analysis
    • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Diaspora
    • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • İslamophobia
    • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
    • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
    • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Performing Arts
    • Reviews
    • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
    • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
    • Photo gallery
    • Jobs
    • privacy
    • about us
    • contact us
    • RSS
    © Turkuvaz Haberleşme ve Yayıncılık 2021