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Platinax Internet >> Platinax Internet News
« Bank of England retains interest rate | Main | Brown seeks to curb wage inflation » May 18, 2005Unemployment down, but jobless totals up
According to the Office for National Statistics, unemployment fell by 15,000 to 1.4 million in the three months from January to March, by the government's preferred ILO measure. On a monthly basis, the number of unemployed people claiming benefit increased by 8,100 to 839,400 in April, while average earnings growth in the three months to March was up by 4.6%, although 0.1% lower than the previous month. Jobs continued to be lost in manufacturing, reaching a record low of 3.23 million in the quarter to March. In total, 82,000 fewer people were employed in manufacturing than in the same period a year ago. The figures do not include the recent substantial job losses at Marconi, MG Rover and IBM. Although the number of people in work increased by 87,000 to 28.61 million in the latest quarter, the number of economically-inactive people increased by 14,000 to 7.86 million. This figure includes people taking early retirement, looking after a relative or those who had stopped trying to find a job. According to Alan Clarke at BNP Paribas, the figures could "open the way for an interest rate cut in the coming months." The UK's unemployment rate of 4.7% is one of the lowest in the world, beaten by only Ireland, Austria and Luxembourg. Posted by at May 18, 2005 09:10 PM > Discuss this in the Platinax Internet business forums |
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