UK Talent Market Update 2014 Q2

UK Talent Market Update 2014 Q2

There were 167,000 more people in work in April–June 2014 than in January–March 2014 and unemployment decreased by 132,000 from quarter to quarter. The number of economically inactive people aged between 16 and 64 increased by 15,000 from January–March to April–June 2014. Overall, pay including bonuses was 0.2% lower in April–June 2014, compared with the same period in 2013.

TMU Q2

The job market figures for April–June 2014 show continued recovery. Unemployment was again lower, having fallen by 167,000 roles from quarter to quarter. This brought the participation rate up 0.3 percentage points to 73.0% among people aged 16 to 64, continuing an upward trend.

There were 8.86 million economically inactive people aged between 16 and 64 in the UK in the quarter. This was 15,000 more than the preceding quarter, but 130,000 fewer than the same period in 2013. The rate of economically inactive people remained unchanged at 21.9%, though it has continued a generally downward path since late 2011.

The figures for April–June show slower growth than the preceding quarter, but indicate that the UK’s labour market continues to improve.

The unemployment rate has decreased 0.4 percentage points to 6.4% – the lowest since late 2008. Employment numbers were 167,000 higher for April–June 2014 than the preceding quarter, and 820,000 higher than for the same period in 2013. The number of UK residents claiming Jobseeker’s Allowance fell by 34,000 between June and July, and by 421,000 compared with July 2013.

The average pay including bonuses was 0.2% lower in Great Britain than the same period last year. This was the result of an atypically high growth in April 2013, resulting from a number of employers paying bonuses in April rather than in March, as is usual for their businesses. Excluding bonuses, pay in Great Britain was 0.6% higher than in the same period last year.

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TMU UK August 2014