jobs

Good news!

Unemployment in the UK has continued to fall from January to March, bringing in the highest number of people in work since mid-2008.

Employment levels increased to the total number of people in work to 31.1 million. Data from the Office for National Statistics (ONS) published that employment for 16 to 64 year olds has risen up from 72.5% to 73.5%.

The ONS also published that 202,000 people had found jobs between January and March which has boosted the level of employment in the UK. However, not only has employment risen, wages have increased too. The average weekly earnings have risen to 2.2% compared to 1.8% previous.

This is encouraging for our economy as the employment data shows the growth in employment was mainly full-time working employees. Howard Archer the chief UK and European economist states that the number of people who are jobless to steadily downward over the next few months, this will take the unemployment rate down to 4.9% by the end of 2016.

However, the drawback is that employment and wage growth will contribute to interest rates rising this year, which is predicted by the manager of the UK equity income fund, Clive Beagles.

Let’s celebrate the fact the job market is getting better and more of us are getting jobs!