This article was last updated on April 16, 2022
Canada: 
Oye! Times readers Get FREE $30 to spend on Amazon, Walmart…
USA: Oye! Times readers Get FREE $30 to spend on Amazon, Walmart…
According to the official figures on Wednesday, U.K. unemployment rate has fallen to 7.6 percent – the lowest since May 2009.
The Office for National Statistics (ONS) has stated that the jobless rate in Britain has dropped in the three months to September from 7.7 percent in the quarter ending in August.
However, earnings growth remains subdued, at only 0.8 percent in the three months to September.
New head of the Bank of England, Mark Carney says the interest rates will not automatically grow from its current record-low level of 0.50 percent until the jobless rate falls to 7.0% faster than previous estimations, under a so-called “forward guidance” policy.
The BoE’s Monetary Policy Committee gives its latest economic forecasts later on Wednesday.
The ONS has added that the number of individual out of work fell by 48,000 to 2.47 million.
Chief European economist at the Capital Economics consultancy, Jonathan Loynes has said:”The drop in the unemployment rate from 7.7 percent to 7.6 percent in the three months to September increases the likelihood that the committee will predict a faster fall to the seven percent threshold set out in its forward guidance than it expected … potentially implying an earlier rise in interest rates.”
However, Shadow chancellor Ed Balls has raised his concerns regarding rise in inflation as he said: “After three damaging years of flatlining, these growth forecasts are welcome, but for millions of families this is still no recovery at all.
“As the governor is rightly warning, prices are still rising faster than wages and new figures today show working people are on average £1,600 a year worse off since David Cameron came to office.”
Article viewed on Oye! Times at www.oyetimes.com.
Be the first to comment