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News : UK Economy Last Updated: Nov 12, 2014 - 3:24 PM


UK added 112,000 jobs in third quarter; Pay inches above inflation - first time in 5 years
By Michael Hennigan, Finfacts founder and editor
Nov 12, 2014 - 3:20 PM

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The number in employment in the UK grew to 30.79m in the July to September quarter and this was 112,000 more than for April to June 2014 and 694,000 more than for a year earlier. Pay including bonuses for employees in Great Britain was 1.0% higher than a year earlier. Pay excluding bonuses for employees in Great Britain was 1.3% higher than a year earlier compared with the 1.2% Consumer Prices Index inflation rate - this was the first time in 5 years that growth in average pay for UK workers overtook inflation, according to data from the Office for National Statistics.

The proportion of people aged from 16 to 64 in work (the employment rate), was 73.0%, higher than for April to June 2014 (72.8%) and higher than for a year earlier (71.6%).

There were 22.52m people working full-time, 589,000 more than for a year earlier. There were 8.27m people working part-time, 105,000 more than for a year earlier.

There were 1.96m unemployed people, 115,000 fewer than for April to June 2014 and 529,000 fewer than for a year earlier.

The unemployment rate was 6.0%, lower than for April to June 2014 (6.3%) and lower than for a year earlier (7.6%). The unemployment rate is the proportion of the economically active population (those in work plus those seeking and available to work) who were unemployed.

There were 9.03m people aged from 16 to 64 who were out of work and not seeking or available to work (known as economically inactive). This was 38,000 more than for April to June 2014 but 16,000 fewer than for a year earlier.

The economic inactivity rate was 22.2%, little changed compared to April to June 2014 (22.1%) and compared to a year earlier (22.3%).

Pay including bonuses for employees in Great Britain was 1.0% higher than a year earlier. Pay excluding bonuses for employees in Great Britain was 1.3% higher than a year earlier.

Howard Archer, IHS Global Insight's chief UK economist, said the news on pay would be a relief for consumers.

But he added: "This is still really more to do with low inflation than markedly improving earnings. However, earnings growth did take a much-needed decent step in the right direction in September."

Iain Duncan Smith, Work and Pensions secretary, said the figures as "remarkable"


© Copyright 2011 by Finfacts.com

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