Unemployment still falling

UK labour market: December 2017 – ONS

Main points for August to October 2017

  • There were 1.43 million unemployed people (people not in work but seeking and available to work), 26,000 fewer than for May to July 2017 and 182,000 fewer than for a year earlier.
  • The unemployment rate (the proportion of those in work plus those unemployed, that were unemployed) was 4.3%, down from 4.8% for a year earlier and the joint lowest since 1975.
  • There were 8.86 million people aged from 16 to 64 who were economically inactive (not working and not seeking or available to work), 115,000 more than for May to July 2017 but 56,000 fewer than for a year earlier.
  • The inactivity rate (the proportion of people aged from 16 to 64 who were economically inactive) was 21.5%, higher than for May to July 2017 (21.2%) but lower than for a year earlier (21.7%).
  • Latest estimates show that average weekly earnings for employees in Great Britain in nominal terms (that is, not adjusted for price inflation) increased by 2.5% including bonuses and by 2.3% excluding bonuses, compared with a year earlier.
  • There were 32.08 million people in work, 56,000 fewer than for May to July 2017 but 325,000 more than for a year earlier.
  • The employment rate (the proportion of people aged from 16 to 64 who were in work) was 75.1%, lower than for May to July 2017 (75.3%) but higher than for a year earlier (74.4%).
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Inflation up to 3.1%

UK consumer price inflation: November 2017

  • The Consumer Prices Index including owner occupiers’ housing costs (CPIH) 12-month inflation rate was 2.8% in November 2017, unchanged from October 2017.
  • The Consumer Prices Index (CPI) 12-month rate was 3.1% in November 2017, up from 3.0% in October 2017; it was last higher in March 2012.
  • The largest upward contribution to change in both the CPIH and CPI rates came from air fares which fell between October and November but by less than a year ago.
  • Rising prices for a range of recreational and cultural goods and services, most notably computer games, also had an upward effect.
  • Falling prices in the miscellaneous goods and services category (covering products such as travel goods and financial services) provided the largest offsetting downward contribution.
  • Inflation rate for recreation and culture highest since early 2010