Unemployment falls and wage growth overtakes inflation for first time in 6 years

Some good news as Advent reaches its giddy yuletide peak: levels of employment have risen.

In the three months to October, unemployment in the UK fell by 63,000 to 1.96 million, official figures show.

However, the fall in the figures which has steadily dropped to its lowest level in six years, has slowed down, with analysts suggesting improvement levels may have hit a peak, the BBC reports.

In addition, average earnings excluding bonuses grew by 1.6%, and including bonuses, average earnings were up 1.4%.

Meanwhile a low inflation rate means that earnings growth (using both measures) has overtaken the inflation rate for the first time in six years.

Inflation is currently at a 12-year low, at 1%.

According to the ONS, there were 30.80 million people in work in the three months to October. This was 115,000 more than for May to July 2014 and 588,000 more than for a year earlier.

There were 22.54 million people working full-time, 560,000 more than for a year earlier. There were 8.25 million people working part-time, 28,000 more than for a year earlier.

The growth was of course welcomed in an official tweet by Prime Minister David Cameron, but the good tidings didn’t stop him sounding like a broken record.

Employment is at a record high & average earnings are rising faster than inflation. More to do, but our long term economic plan is working.

— David Cameron (@David_Cameron) December 17, 2014

 

Will someone please buy him a thesaurus for Christmas. How about: “Our fiscal plot remains operational” or, “our lengthy pecuniary strategy is succeeding.” Anything.

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