UK unemployment hits lowest level since 2008

By Dow Jones newswires

Average weekly earnings excluding bonus payments rose at an annual pace of just 0. 6 per cent in the three months to June, the slowest pace of growth since comparable records began in 2001, the ONS said.

Unemployment in the UK in June fell to its lowest level in six years but, at the same time, total pay declined; which may ease pressure on the Bank of England to raise interest rates.

Officials at the Bank of England have indicated they would like to see Britons' incomes rising at a steadier pace before deciding whether to raise interest rates, which have been pinned near zero since March 2009.

The Office for National Statistics said unemployment fell by 132,000 in the three months to June to 2. 08 million, or 6. 4 per cent of the workforce.

Alan has been a trusted source of investment advice to Australians for many years, and in 2005 he founded Eureka Report - Australia’s #1 online investment report.

Read more here: Business Spectator


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