UK unemployment down to 1.49m

The Office for National Statistics figures released this morning show that UK unemployment has decreased by 64,000 to 1.49 million in the 3 months to May. Moreoever, the unemploymenrt rate fell to 4.5%, down from 4.7%, the lowest since 1975.

 

 
Matt Hughes, senior statistician at the ONS stated “despite the strong jobs picture there has been a real-terms fall in total earnings, with the grwoth in weekly wages and inflation still rising.”

 

 
A minor rally in Sterling in the mid-morning has occured following a dip after Bank of England deputy governor, Ben Broadbent, said the UK was not ready to raise interest rates.