The unemployment in UK had decreased by 20,000 in the past month. The claimants for Jobseeker’s Allowance in the last month decreased by 21,200 to below one and half million. This figure was a first fall below one and half million for almost three years. According to the statements of many ministers, the recovery of the economy was taking hold.
The ONS also reported that the average earnings grew by 1.7% in the current year’s May. In this manner, the average weekly wage of employees or workers stood at £476. The data also showed that the unemployment rate was at 7.8%. The number of employed individuals increased by 16,000, in the same period.
Employment Minister, Mark Hoban, said that the unemployment was lower than 70,000. The figures are lower than the previous year’s unemployment data. He expressed that aspect was encouraging enough for the economy. He also underlined that there are opportunities present in the job market for individuals who desire to get on in life and work hard.
It can be noted that with unemployment decrease and employment rising, the domestic labour market will remain a major area of strength for the economy of UK. Many ministers said that the private sector’s ability and willingness to create jobs offered reassurance to the economy. However, there were regional differences in the decline of unemployed individuals, in the UK.