Unemployment down, wages rising but productivity falls

Unemployment down, wages rising but productivity falls

Unemployment down, wages rising but productivity falls

Unemployment in Scotland fell by 6,000 in the first three months of the year.

Tom Stevenson, investment director for personal investing at Fidelity International, says: 'British workers are feeling marginally better off after wages grew in real terms for the second month on the trot. According to the TUC, wages are worth £24 a week less than in 2008.

However, wages are not forecast to recover to their pre-recession level until 2025.

TUC general secretary Frances O'Grady said: "Working people are still not getting a fair deal". However, the reality is that without adding more people to the potential workforce, the pace of job generation will slow and could cause an already tight labour market to burst'.

The ILO jobless rate remained at 4.2 percent in the first quarter, but down from 4.6 percent a year ago.

Tara Sinclair, economist and senior fellow at job site Indeed, comments: 'Unemployment now stands at its lowest rate since 1975, while the employment rate is the highest on record.

There were 1.42 million unemployed people 46,000 fewer than for October to December 2017 and 116,000 fewer than for a year earlier while 32.34 million people were in work, 197,000 more than for October to December 2017 and 396,000 more than for a year earlier.

Northern Ireland had the lowest regional unemployment rate at 3.1 per cent while Wales recorded 4.4% per cent.

The Office for National Statistics (ONS) showed on Tuesday, the UK's average weekly earnings, excluding bonuses matched expectations, arriving at 2.9% 3m y/y versus 2.8% last while the gauge including bonuses ticked lower to 2.6% 3m y/y versus 2.8% previous and 2.6% expected.

The growth in employment is still driven by United Kingdom nationals, with a slight drop over the past year in the number of foreign workers. It's important to remember, though, that this isn't a measure of migration.

The new figures also show that wages have risen at an annual rate of 2.9 percent, compared with a corresponding inflation 2.7 percent.

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