UK joblessness rose by 27,000 in 3 months to the end of January to 2.53 mn, the greatest since 1994. The ONS (Office for National Statistics) said the unemployed rate was now 8 percent, the greatest since 1996. Nevertheless, the ONS statistics also showed that the number of folks claiming jobseeker's grant fell by 10,200 in February to 1.45 mn.
Another record high was reached in the joblessness rate for sixteen to twenty four year olds, up by 0.8 percent to 20.6 percent. This figure, though, does comprise students who are looking for work. The joblessness rate for eighteen to twenty four year olds was also at a record high at 18.3 percent.
The Office for National Statistics report also indicates that average income in January had been 2.3 percent greater than a year ago, mostly obsessed by bonus payments in the business services and finance sector. Wage development, although greater than anticipated, is well below the level of growth the Bank of England finds concerning and is doubtful to put pressure on the Bank to increase interest rates. Regular pay together with bonuses was £453 a week.
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