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News Article

Unemployment 'At 42-Year Low'

Nov 21, 2017


Competition for offices for sale in Wrexham may be on the rise, as the latest government figures reveal that unemployment is at its lowest level in 42 years.

The BBC revealed the latest data from the office for National Statistics, which shows the number of people seeking employment who are currently not in work fell by 59,000 to 1.42 million over the three months to September 2017.

However, wages are lagging behind the cost of the living wage, with earnings minus bonuses creeping up by 2.2 per cent over the three-month time period year-on-year, falling in real terms by 0.5 per cent when accounting for inflation.

This marks the seventh consecutive month of negative pay growth. 

As inflation is at a five-and-a-half-year high at three per cent as of October, wages are not keeping up with price rises, even if unemployment is at its lowest rate since 1975.

Minister for Employment Damian Hinds was quoted as saying: "A near-record number of people are now in work. Everyone should be given the opportunity to find work and enjoy the stability of a regular pay packet."

While the number of people job-hunting has dropped, so has the number of people in employment, due to the rise in the number of people classed as 'economically inactive', which includes people in education, the long-term sick, those staying home to care for children or other family members and the retired.

Recently the charity Centre for Ageing Better was reported by the BBC as saying that the over 50s are more likely to be out of work than any other demographic, with many leaving jobs due to redundancy, caring or sickness, and being unable to re-enter the jobs market. 

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