BCC: Job figures remain strong but still signal a modest slowdown

  • In the three months June to August 2014, employment rose by 46,000 compared with the previous three months, the smallest quarterly increase since spring 2013
  • Unemployment fell by 154,000 compared with the previous three months
  • The unemployment rate for June to August 2014 was 6.0%, the lowest since late 2008
  • Youth unemployment fell to 16.0% down from 17.7% in the previous three months
  • Pay including bonuses was 0.7% higher than a year earlier, while pay excluding bonuses was 0.9% higher.

Commenting on the labour market statistics for October 2014, published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC), said:

“These figures confirm once again that the UK labour market remains strong. The significant fall in youth unemployment over the past year is a remarkable success story, despite the fact that it is above the national average.

“However, there are some areas of concern such as the slowest increase in employment for fifteen months, which suggests that the pace of economic growth is easing. While the fall in unemployment over the past three months was larger than the rise in jobs, this is because the number of people choosing not to seek work increased.

“With early wage increases remaining below 1% a year there is clearly no case for early rate increases – and we are pleased that this view is now widely accepted by the financial markets.”

Written on 15th October 2014Lillie Geistdorfer. Published in BCC, Employment, News