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September 14, 2005
Unemployment continues to rise
Office for National Statistics (ONS) figures show that the number of people unemployed increased by 12,000 to 1.42 million in the quarter to August, the seventh consecutive monthly rise. The number of people claiming benefit increased 1,600 to 866,200 last month. Average job vacancies in the three months to August fell 7,400 to 631,700.
The level of unemployment has gradually increased this year, as a slowdown in consumer spending has adversely affected retailers and other service sector firms. According to the ONS, the number of people claiming benefit was 52,400 higher in August than in January. Jobless rates have risen every month this year - the longest continuous period of increase for 13 years.
Despite this, employment levels remain higher than at any time since comparable records began in 1971.
In the three months to the end of July, 28.73 million people, or 74.8% of the working age population, were employed. This is 315,000 more than at the same time last year.
However, annual growth in average earnings has slowed slightly. Excluding bonuses, average salaries increased by 3.9% in July, compared with a 4% increase in June. Taking bonuses into account, earnings growth increased from 4.1% to 4.2%.
According to economists, the figures indicate that the labour market is stabilising after signs of weakness earlier this year.
Posted by at September 14, 2005 08:44 PM
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