Unemployment on the rise as wages continue to lag

22 February, 2018, 00:59 | Author: Barbara Daniel
  • UK workers

"This is the sharpest increase in the unemployment level the ONS has seen in nearly five years", Matt Hughes, a senior statistician from the ONS. told media.

According to the Office for National Statistics (ONS), there were 32.15 million people in work, 88,000 more than for July to September 2017 and 321,000 more than for a year earlier.

Pay growth also improved - with average weekly earnings, excluding bonuses, up by 2.5%.

Average earnings increased by 2.5% in the year to December, unchanged from the previous month, said the Office for National Statistics.

Quarterly figures from the ONS showed the number of European Union nationals working in Britain rose by an annual 4.5 percent over the fourth quarter, the smallest increase since the third quarter of 2013. The unemployment rate has fallen by such a degree in recent years that some commentators have described the situation as Britain's "jobs miracle".

The number of people classed as economically inactive, including students, those on long-term sick leave, taken early retirement or who have given up looking for work, fell by 109,000 to 8.7 million, giving a rate of 21%. This was the first increase in the unemployment rate in almost two years.

That was still weaker than the 3.0 percent reading of British consumer price inflation for December and the ONS said wage growth in real terms dropped by an annual 0.3 percent over the fourth quarter.

Separate ONS figures showed Britain's government recorded a January budget surplus of 10 billion pounds, slightly bigger than forecast and helped by a seasonal surge of income tax receipts at the start of the year.

TUC general secretary Frances O'Grady said: "Nobody should have to rely on a zero-hours contract for their main job, but over 900,000 workers remain stuck in that situation".

"The latest labour market data aren't a decisive blow to the chances of a May rate hike - two more (jobless) reports will be published before then - but they do reduce the odds", said Samuel Tombs, economist at Pantheon Macroeconomics.

"Meanwhile, slowing productivity growth and rising pay growth makes an interest rate increase more likely".

Recommended:

  • Google's Reply app is here and works surprisingly well

    Google's Reply app is here and works surprisingly well

    Last year, Google introduced a ton of new security features with Android 8.0 Oreo created to prevent unauthorized access to apps. Google has announced that it will eventually allow the use of Google Pay to send money between devices.
    Latvian member of European Central Bank  won't resign, rejects bribes report

    Latvian member of European Central Bank won't resign, rejects bribes report

    The head of Latvia's central bank has said he will not resign following an investigation into suspected bribery. He has been suspended from his post and Prime Minister Maris Kucinskis on Tuesday called for him to step down.
    Speaker receives letter of resignation from SA President Zuma

    Speaker receives letter of resignation from SA President Zuma

    He further accused the new ANC leadership of being "too scared" to tell Zuma why he was sacked . Malema was the president of the ANC Youth League until he was expelled in 2012.
  • Despite Modest Effectiveness, Still Get a Flu Vaccine

    Despite Modest Effectiveness, Still Get a Flu Vaccine

    Symptoms of the flu may include fever, chills, cough, sore throat, runny nose, body aches, headaches and fatigue. However, some health experts believe the flu shot could be like taking high blood pressure medicine.
    Netanyahu aides named as suspects in new corruption probe

    Netanyahu aides named as suspects in new corruption probe

    Netanyahu's government also introduced a bill to bar criminal investigations against the sitting prime ministers. Former journalists at the site have attested to being pressured to refrain from negative reporting of Netanyahu.
    Burnout Paradise coming to PS4 and Xbox One

    Burnout Paradise coming to PS4 and Xbox One

    Everyone has their favorite game in the long and storied Burnout series, but for me, it's definitely Burnout Paradise . The most exciting part of this announcement is that the game will come back online for a whole new generation.
  • Venezuela has launched its own cryptocurrency

    Venezuela has launched its own cryptocurrency

    The financial sanctions - the US sanctions, the European sanctions - are not the main reason Venezuela can't raise financing. The United States is threatening to ban the country's oil imports, which would further cripple Venezuela's economy.
    Amazon uses cash back benefits to entice Prime members to Whole Foods

    Amazon uses cash back benefits to entice Prime members to Whole Foods

    By making this change, Amazon has aligned the Whole Foods rewards with those offered on Amazon purchases. And one way to do that is by enticing more Amazon Prime members into Whole Foods stores.
    Foreign Ministry says 5 Russians killed in US strike in Syria

    Foreign Ministry says 5 Russians killed in US strike in Syria

    Russian has supported Assad during the seven-year civil war and began providing military support to his regime in 2015. Russian and Syrian officials ha d estimated that dozens of Russians had been killed , The New York Times reported .
  • OH  7th grader shoots himself on middle school campus

    OH 7th grader shoots himself on middle school campus

    The woman, Lisa Oswald, told WJW she's scared and sad for her son, who is in the sixth grade. All other students and teachers in the middle school are safe and have not been released.
    84 children have died so far this flu season, says CDC

    84 children have died so far this flu season, says CDC

    These vaccines grew in cells, not eggs. "It is important to note that the flu vaccines are inactive viruses". And if you don't have the flu, but just a cough and cold, there is a New Mexico cure for that, said Jones.
    Russians rout Slovenia 8-2 in Olympic hockey

    Russians rout Slovenia 8-2 in Olympic hockey

    Conversely, OAR goaltender Vasili Koshechkin has allowed four goals on 27 shots for a save percentage just north of 85.0. Team USA , meanwhile, will play a Round 16 game early next week, having finished third in the group at 1-2 and -4.


Popular

GM Proposes $2.8 Billion, 10-Year Investment in South Korea
A GM Korea spokesman said the company would continue to work with the government and labour union to secure support for its viability plan.

Facebook To Verify Location Of US Election Ad Buyers
But that happened in December 2016 - weeks after the election . Petersburg investigative journalism website Fontanka . Bernie Sanders during the race.

Maggie's Future On 'The Walking Dead' Is Looking Extra Grim Now
The network claims to have made generous offers to re-sign Cohan but other sources have said those offers are "lowball". Cohan's contract was up at the end of TWD's current eighth season, making her available for new series.

Delhi Chief Secretary Assault: Centre seeks report
The Aam Aadmi Party on Tuesday alleged that their leaders was assaulted in the Delhi Secretariat complex by a mob. The home minister would also meet a delegation of IAS officers of the Delhi government, a ministry official said.

Here Are The Top Smartphones To Look Forward To At MWC 2018
Now, just before the official launch, full specifications of the Galaxy S9 duo along with new press renders have emerged online. First, if you're in the market for a new flagship smartphone, you might as well get the best that's offered by Samsung.

Woman tag match announced for Monday Night Raw
Finally, he says that he's turning Raw back into Monday Night Rollins and he wants to be the man again... Look for Finn Balor to possibly pin The Miz, setting up an Intercontinental Title match in New Orleans.

JD Martinez agrees to 5-year, $110 million deal with Red Sox
After a long pursuit all offseason, the Boston Red Sox are closing in on a deal with free-agent slugger J.D. That leaves only designated hitter, a position now occupied by Hanley Ramirez and his $22 million contract.

Turkish PM expects top-level meetings between Erdoğan, Merkel
Yucel, who has both German and Turkish citizenship, had been accused of writing propaganda in support of terrorism. It all depends on the court, but I think there will be development soon, Yildirim said.

Generations celebrate love with weekend trips this V-Day: Yatra Survey
You also might be surprised by some of the Valentine's Day-themed card decks and board games that you can find at a book store. The Anti-Valentine's Day Gift: A bag of chocolate chip weed cookies . " Valentine's Day is a social construct".

Eubank Jr promises to send Groves into retirement
One right hand amid a blizzard of hooks landed flush on Groves' jaw and the champion was relieved to hear the bell. Eubank touched down at one point, but it was not ruled a knockdown.