Unemployment rises to 1.85 million
12/08/2015
The number of people unemployed in the UK rose in the April to June period by 25,000, taking the current total to 1.85 million.
These figures show the first time there has been two consecutive rises in unemployment in the last two years. Youth unemployment also rose to 16% in June, compared to 15.9% between March to May. Many economists now fear that the jobs market may be levelling off.
Official figures from The Office for National Statistics (ONS) have also shown that the growth of earnings is slowing. Earnings including bonuses rose 2.4% from a year ago, compared with 3.2% growth in the March to May period. Although it is still above inflation, the slow growth in earing has helped push the value of the pound down.
Wage growth is a factor the Bank of England takes into consideration when it decides whether to push the base interest rates above their current record low levels.
ONS statistician David Freeman said:
"This is now the second consecutive time we've reported fewer people in work on the quarter.
"While it's too early to conclude that the jobs market is levelling off, these figures certainly strengthen that possibility. Growth in pay, however, remains solid."
Work and Pensions Secretary Iain Duncan Smith said:
"Thanks to our long term economic plan we have already seen two million more people in jobs since 2010.
"On top of that, today's figures show job vacancies at a near record high - evidence of the continued confidence of British businesses, and potential for further growth in the UK economy."
Need financial advice?
If you have any personal finance questions related to this news article, then please contact our financial advisers. You can get in touch by asking a question online, calling us on 0800 092 1245, or by arranging a visit.
Share this..
Related stories
Bank hints that interest rates could rise
13/06/2014 The governor of the Bank of England, Mark Carney, has suggested that interest rates could increase sooner than originally anticipated. Speaking at the annual Mansion House Dinner he said the increase “could happen sooner than markets currently expect”. However, he stated that the original increase will be less important as he expects the eventual increases in interest rates...
Read MoreHow do you attract the top salespeople to the banking sector?
As the UK government and the regulatory authorities continue their crusade against the UK banking sector, with suggestions of significant regulatory restrictions regarding salary and bonuses, many people are wondering exactly how UK banks will be able to attract the best salespeople to their operations. While there is no doubt that the UK economy, and the UK banking sector, is not the only country...
Read MoreEarly 30s Britain's biggest borrowers
Adults in their early 30s have a higher level of debt than any other age group in the UK, according to Alliance & Leicester's latest Borrowing Monitor research.Average unsecured debts for this age group are nearly a third higher than the national average, standing at £5,863.People in their early 30s tend to have the largest mortgage loans in proportion to their salary and pay more interest than a...
Read MoreWill Barack Obama hit the ground running?
It has dominated the press for the last few months, it was rumoured to cost in excess of $100 million but today finally saw the inauguration of the 44th president of the United States of America, Barack Obama. Now that the massive ceremony has been completed and Obama takes his place in the White House perhaps we will hear more news on his ideas to refloat not only the US economy but the worldwide...
Read MoreDigital Economy Bill to be rushed through Parliament
The controversial Digital Economy Bill is set to be rushed through Parliament on 6 April, the same day as Gordon Brown is expected to dissolve parliament ahead of the general election. The bill is likely to come under what is known as the "wash up" period leading up to an election during which time bills can be "nodded through" parliament by the whips on either side of the house. So what does this...
Read More