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Record unemployment rate in the UK

UK job market

Source @Fotolia

Good news on the British job market! Unemployment rates have fell to 5.2%, the lowest rate in around a decade between August and the end of October. The last time the UK had experienced such low rates was in early 2006. These rates are similar to pre-crisis rates and are qualified as “natural” jobless rates by the Bank of England. It seems that UK’s economy has finally recovered.

What’s more, women’s employment rate is up to an outstanding record of 14.6 million, making the UK the third highest employment rate of the G7 countries. The policies that have been put in place to help women find a balance between personal family life and professional life, have greatly helped women join the job market.

However, the growth rate of UK wages has slowed in the past three months to 2%. Living standards continue to rise as inflation is at 0.1%. Wages could be slowing down as more and more young people are joining the job market skewing the workforce towards lower paid jobs. Economists predict wages to increase when inflation starts to rise. Minimum wages should be increased by the government by 50p per hour in April 2016.

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