Pete Wargent blogspot

CEO AllenWargent Property Buyers, & WargentAdvisory (institutional). 6 x finance author.

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Wednesday, 16 March 2016

UK unemployment holds at 10 year low

UK recovery

As far as I can tell following a snazzy ONS website revamp, it's pretty much as you were for the UK labour force. 

Total employment sneaked up to a new high of 31.42 million, while the employment rate is the joint highest since records began in 1971 at 74.1 per cent. 

Total employment has increased by 478,000 over the year to its highest ever figure.


The unemployment rate held steady at a 10 year low of 5.1 per cent, with 171,000 fewer unemployed people than one year earlier. 

The unemployment rate is down from 5.7 per cent one year ago, and now sits below where it was before the recession. 


Average weekly earnings growth excluding bonuses increased a little to be +2.2 per cent year-on-year.  

Overall, a fairly unremarkable release, with the increase in annual pay growth a welcome if overdue rebound. 

Perhaps there is some comfort to be found in the employment figures in countries such as the US, UK and Australia of late, that being that low interest rates and stimulus do get around to adding jobs and growth eventually, even if there is a hidden cost.

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Very excitingly, Australia's Labour Force figures are due out tomorrow morning.