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UK unemployment dropped to its lowest level since 1975 in the three months to October, as the number of unemployed women hit a record low.
That’s according to the latest figures from the Office for National Statistics (ONS), which says the number of unemployed people in the UK fell by 13,000 to 1.28million between August and October.
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It meant the rate of unemployment stayed flat at 3.8 per cent, despite experts predicting an increase to a 3.9 per cent rate of unemployment.
This was largely driven by a decrease in the unemployment rate for women, which fell to a record low of 3.5 per cent.
Meanwhile, the number of people in work increased by 24,000 to 32.8million for the quarter, while the proportion of people in employment stayed flat at 76.2 per cent.
But the reduction in unemployment came as wage growth stalled over the period and the number of job vacancies also shrank.
How to get a pay rise
RECRUITMENT experts reveal their top tips to get a pay rise:
- Do your research – find out the market rate for your job role to see if you should be paid more.
- Know your worth – have concrete evidence of how you’ve performed.
- Timing is key – annual reviews are a good time to ask for pay rises but you may also want to consider the health of the company too.
- Be clear and confident – if you don’t know what you want how is your boss expected to work it out.
- Learn a new skill – if you’re bringing added value to your role this could make you more valuable.
- Go the extra mile – do everything you can to stand out from the crowd.
- Include a plan of what you aim to acheive – this shows that you won’t rest on your laurels if you do get a pay rise.
- Contact the chief executive – if you’re keen for a pay rise then there’s no harm in going straight to the top.
- Consider other options – if a pay rise isn’t available, are there added benefits you could ask for instead, such as flexible working or more holiday?
- Get a new job – if asking for a pay rise doesn’t go to plan then consider moving jobs to get the increase you feel you deserve.
See Top tips to getting a pay rise for more information.
Average total pay increased by 3.2 per cent in the quarter, as it slowed from 3.6 per cent the previous month. Analysts had predicted growth would only decline to 3.4 per cent.
But the ONS reported the biggest monthly slump in bonus payments for more than five years.
The figures also revealed that job vacancies slid by 20,000 to 794,000, as the rate of decline continued to accelerate from the previous period.
Vacancies have now declined for 10 consecutive months and have fallen below 800,000 for the first time in more than two years.
Chancellor of the Exchequer, Sajid Javid, said: “There’s talent up and down this country – three quarters of employment growth in the last year has been outside London and the South East.
“I’m looking forward to getting Brexit done and unleashing Britain’s potential, levelling up opportunity across the country.”
UK stocks surged by nearly £50billion this week after Boris Johnson’s election win, with the FTSE 100 index rising 2.25 per cent.
While the pound has climbed against the euro and dollar as MPs head back to parliament.
Here’s what Boris Johnson’s Conservative election win means for your money – from tax cuts to boosting your pension pot.
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