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Unemployment fell from 6.4% to 6.2% for May to July

18 Sep 2014

The latest statistical bulletin from the Office for National Statistics (ONS) shows the biggest annual fall in UK unemployment since 1988 - down by 468,000 over the past year - meaning there are now 2.02m people unemployed

The quarterly fall from May to July to 6.2% is also the lowest unemployment rate since 2008, with the figures continuing the trend that started in late 2011/early 2012

Average pay for employees excluding bonuses was 0.7% higher than a year ago - a relatively small rise - with a likely cause being that most of the new jobs were created in low-pay sectors.

The benign wage-inflation increase is significant in terms of the timing of the first interest-rate rise by the Monetary Policy Committee (MPC), and is not providing upward pressure on rates at the moment. One or two industrial sectors are, however, starting to show signs of wage-inflation, such as manufacturing (see here), but not enough sectors - yet - to drive up average wages significantly. 

See the full ONS release here

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