UK Talent Market Update 2014 Q3
The figures for the three months from July to September show employment levels have slowed but continued the positive trend that began in early 2012. This mirrors the Office for National Statistics’ reported GDP growth of 0.7% for the same period,which was down 0.2 percentage points on that recorded for April–June.
Employment rose by 112,000 roles in July–September 2014, although this was a lower number than those reported for the first and second quarters. The third quarter saw a year on year increase of 694,000 roles, comprising 589,000 more full-time employees and 105,000 more people in part-time employment.
The participation rate rose 0.2 percentage points to 73.0% among people aged 16 to 64, representing an increase of 1.4% on the same quarter in 2013. The average regular pay excluding bonuses was 1.4% in September alone, outpacing the consumer price index of 1.2% in the same month.
Unemployment fell again this quarter – there were 115,000 fewer unemployed people across the UK in July–September 2014 than in April–June 2014. This helped bring the unemployment rate down 0.3 percentage points to 6.0% – its lowest level since late 2008.
There were 9.03 million economically inactive people aged between 16 and 64 in July September, which was 38,000 more than the preceding quarter but 16,000 fewer than the same period in 2013. This left the proportion of economically inactive people almost unchanged at 22.2% for the quarter.
The number of residents claiming Jobseeker’s Allowance fell by 20,400 between September and October, bringing the UK’s claimant count to its lowest point since August 2008.