UK Unemployment Falls to 1.6m

The Uk’s unemployment rate fell to its lowest in over a decade in the three months to September, the Office for National Statistics (ONS) has stated.

The unemployment rate stood at 4.8% in the third quarter of the year, compared with 4.9% in the preceding three-month period, the reading was stronger than expected by analysts polled by The Wall Street Journal, who predicted no change in the unemployment rate.

However, there were some signs that a slowdown in the labour market could be coming. The unemployment rate edged down to 4.8% in July to September.

The number of people in work rose by 49,000, the slowest increase since the three months to March this year and the number of people claiming unemployment benefits in October rose by 9,800, the biggest rise since May, the ONS added.

Employment rate for people aged 16-64 years old was at 74.5% for July – September 2016, the joint highest since records began in 1971.

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