Could Brexit be to blame?
UK Unemployment has hit an 11-year low. It fell by 37,000 to 1.6m in the three months to September.
The jobless rate fell by 4.8 per cent whilst the number of people in work rose by 49,000, this was found by the Office for National Statistics (ONS).
According to the Bank of England unemployment may well rise due to the uncertainty of the Brexit vote.
The latest figures brought the unemployment rate to its lowest level since the three months to September in 2005.
The overall total of people in jobs remained at a record high at 31.8m.
ONS statistician David Freeman told the BBC: “Unemployment is at its lowest for more than 10 years and the employment rate remains at a record high. Nonetheless, there are signs that the labour market might be cooling, with employment growth slowing.”
Analysts have suggested that the pace of job growth is slowing due the leave result in the EU referendum.
The number of people claiming unemployment benefits increased by 9,800 in October, this is the biggest rise since May.
The unemployment figures were produced by a Labour Force Survey in which 40,000 households were spoken to every three months by the ONS. These figures aren’t precise due to the very large scale of the survey.
The ONS believes they are 95 per cent accurate that the fall of 37,000 in unemployment is correct give or take 79,000. This means the fall in unemployment is not statistically significant.
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