Unemployment in the United Kingdom falls once again

A woman looks into the window of a clothes shop in Kensington High street in London Tuesday Oct. 17 2017. Inflation is set to rise above 3 percent in the next month or two the Bank of England warned Tuesday with expectations that interest rates might

UK Inflation Highest Since 2012

While the headline rate didn't change, unemployment did fall in the three months to August, with 52,000 fewer people out of work.

The employment rate for the period was 75.1%, up from 74.5% a year earlier, according to the Office for National Statistics (ONS).

There are now 32.10 million people in work, 317,000 more than a year ago. wages are not keeping pace with inflation, which was shown yesterday to have hit 3%.

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Employment is also up, and the new figures are the continuation of a trend which has seen the region gain more than 110,000 jobs since the summer of 2016.

United Kingdom house price inflation reached 5 per cent in the year until August 2017, propelling the average residential property price to £225,956.

However, in real terms, they fell 0.4 per cent on the year before, the ONS added, thanks to higher inflation. Average regular pay (excluding bonuses) was £459 per week before tax and other deductions, again lower than the pre-downturn peak of £473 per week recorded for March 2008.

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"On the other hand, total earnings in cash terms grew slower than prices over the previous year, meaning the real value continues to fall".

Employment minister Damian Hinds said: "We've boosted the income for people on the lowest pay by increasing the National Living Wage and delivered the fastest pay rise for the lowest earners in 20 years".

Britain's Consumer Prices Index (CPI) 12-month inflation rate hit 3.0 per cent last month - the highest level for more than five years - as the Brexit-hit pound ramped up the cost of imported goods, the ONS revealed yesterday. The rate came in line with expectations.

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She said given the low wages and high inflation, we need our savings to work even harder in order to generate an inflation-beating return.

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