Home Business NewsEconomic News Britain keeps working: UK jobless rate at 11-year low

Britain keeps working: UK jobless rate at 11-year low

by LLB Reporter
19th Oct 16 10:39 am

Unemployment rate in Britain stands at a near 11-year low of 4.9 per cent.

According to figures from Office for National Statistics, unemployment rose by 10,000 to 1.66 million.

“These figures show that employment continued to grow over the summer and vacancies remain at high levels, suggesting continuing confidence in the economy,” the ONS said.

Average weekly earnings grew by 2.3 per cent, a slight fall from the previous month.

Mike Spicer, director of economics at the British Chambers of Commerce (BCC) said: “The increase in employment is welcome, offsetting the rise in unemployment. However, it is important to note that it is the first rise in unemployment for a while, and the rise in employment was smaller than seen in recent quarters.

“The post-referendum labour market picture is unlikely to fully emerge for some time, but our own survey data suggests that businesses have lowered their expectations over hiring more staff, and investing.

“Next month’s Autumn Statement is a great chance for the government to pull out all the stops to support business confidence – and firms will repay that backing with investment, hiring, training and export growth.”

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