The UK unemployment rate continues to fall at a dramatic pace, according to the latest official Labour Market Statistics. The rate stood at 6.5% in the three months to May, down from 6.6% recorded one month earlier and 7.8% at the same stage a year ago, reported by *Glenigan.
The rise in employment was due mainly to hiring by companies, whereas until recently people entering self-employment were the main driver of the positive jobs figures. However the same statistical release estimated that average weekly earnings (excluding bonuses) rose by just 0.7% in the three months to May, compared to a year earlier. This was the slowest growth ever seen in records going back to 2001, and contrasts with reports from business surveys of rising salaries and greater difficulties in finding staff. If sustained, this low level of pay growth would be a real constraint on economic recovery.
Stockport has welcomed the biggest unemployment drop yet as official figures show that locally unemployment has seen the biggest drop since the start of the year.
In an article released by Andrew Stunnel MP, in his Hazel Grove constituency well over 350 more people now have a job compared to a year ago, and over 70 new jobs have been created in the last month.
Commenting, Andrew said
“We’ve seen the biggest drop ever in unemployment locally since the start of this year. I’m delighted most of all that youth unemployment has now been cut by more than a half since 2010, and there are prospects of even better figures to come. We’ve had to take some very tough decisions, but the results are really starting to show, with more people in work than ever before.”
Lisa Smart, Parliamentary Candidate for Hazel Grove, said –
“Each month, more and more people are finding a job in our area. The fact that well over 350 more people in Hazel Grove have a job than this time last year and over 70 people have a job than just this time last month is just brilliant news and something we should all celebrate.
“Clearly all the work people have been doing in our area to get people into jobs is working. Let’s keep up the great work!”
This comes at a time when the UK employment rate has never been higher as the number of people in work reached a record high of 73.1 per cent, only hit once before in 2005 showing signs that the UK is on the road to recovery. In the North West, the employment is also at an all time high.
The number of unemployed claimants in Hazel Grove constituency in June 2014 was 869. This represents a rate of 2.3% of the economically active population aged 16 to 64, the 403rd highest of the 650 UK constituencies. Included in the figures are 185 young people under 25.
The number of claimants is 373 lower than in June 2013 and 573 lower than in May 2010.
*Source: Glenigan