More good economic news for the new Conservative government – unemployment is still falling in Britain and pay growth is accelerating.
Data released by the Office for National Statistics (ONS) this morning shows the unemployment rate in the UK fell from 5.6% to 5.5% of the population, in the line with analyst forecasts.
Average earnings, excluding bonuses, grew by 2.2%. That’s up from 1.8% growth recorded last month and even better than the 2.1% rise economists have predicted.
With inflation at rock bottom levels, rising wages should hopefully means that the ‘cost of living crisis’ that politicians have talked about in recent months should ease further.
The only bit of bad news from the ONS this morning was the claimant count – the number of people claiming unemployment benefits. The total decreased by just 12,600, much less than the 20,000 figure the City had predicted.
Angus Campbell, analyst at FxPro, said today’s data is “a continuation of the good economic news that was becoming the norm ahead of the election.”
The data comes just days after UK industrial figures smashed forecasts.