Unemployment falls

UK Labour Market, February 2016: ONS

  • There were 1.69 million unemployed people (people not in work but seeking and available to work), 60,000 fewer than for July to September 2015 and 172,000 fewer than for a year earlier.
  • There were 924,000 unemployed men, 116,000 fewer than for a year earlier. There were 766,000 unemployed women, 57,000 fewer than for a year earlier.
  • The unemployment rate was 5.1%, lower than for a year earlier (5.7%). The unemployment rate is the proportion of the labour force (those in work plus those unemployed) that were unemployed
  • There were 31.42 million people in work, 205,000 more than for July to September 2015 and 521,000 more than for a year earlier.
  • There were 22.98 million people working full-time, 387,000 more than for a year earlier. There were 8.43 million people working part-time, 134,000 more than for a year earlier.
  • The employment rate (the proportion of people aged from 16 to 64 who were in work) was 74.1%, the highest since comparable records began in 1971.
  • There were 8.88 million people aged from 16 to 64 who were economically inactive (not working and not seeking or available to work), 88,000 fewer than for July to September 2015 and 172,000 fewer than for a year earlier.
  • The inactivity rate (the proportion of people aged from 16 to 64 who were economically inactive) was 21.8%, lower than for a year earlier (22.3%) and only slightly higher than the record low of 21.7% last recorded for July to September 1990.

Inflation rises to 0.3%

Consumer Price Inflation, January 2016: ONS

  • The Consumer Prices Index (CPI) rose by 0.3% in the year to January 2016, compared with a 0.2% rise in the year to December 2015.
  • This is the third consecutive month of small increases, with the rate in January 2016 being the same as it was in January 2015.
  • The main contributors to the rise in the rate were motor fuels, and to a lesser extent food, alcoholic beverages and clothing.
  • Air fare prices partially offset the rise in the rate, falling by more than they did a year ago. This followed a large increase in prices in December 2015.