Unemployment Rates Reach New Lows in UK
By Staff Reporter | Dec 12, 2012 07:03 AM EST
Unemployment rates have drastically dropped in the United Kingdom despite a sluggish economic recovery. The rates dived to a steep 82,000 to 2.51 million in three months starting September to November, according to the International Labor Organization, reported Bloomberg News. The rate of jobless masses stands at 7.8 percent.
The number of people claiming jobseeker's allowance also slumped down 3000 to 1.58 million, as per BBC News. Employment also rose 40,000 to 29.6 million breaking any existing records since 1971. Jobs in the private sector rose 65000 to 23.8 million, reported BBC News.
A 1.8 percent increase was recorded in the average earnings till September, which remained constant in the previous month as well, reported Huffington Post.
However, employment figures sank in the public sector 24000 to 5.7 million throughout the year. "The main disappointment was the fact that despite the gains in employment, there is no pick-up in wage growth, which remains at 1.8%, year on year," BBC quoted James Knightly at ING.
"The fact that UK employment is rising, consumer confidence is up and anecdotal evidence of retail sales haven't been too bad, offers some hope that the domestic situation in the UK is stabilizing." he added.
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