• In the three months from August-October 2015, employment was up 207,000 and unemployment was 110,000 lower
  • The youth unemployment rate fell to its lowest level for more than 10 years
  • • Annual growth in average earnings in the three months from August-October fell to 2.4% including bonuses and 2.0% excluding bonuses

Commenting on the labour market figures for December 2015, published today by the ONS, David Kern, BCC Chief Economist, said:

“This is an encouraging pre-Christmas set of figures, with employment rising to a record high, unemployment falling, and inactivity declining. The youth unemployment rate has also fallen to a 10-year low, although it is still considerably higher than the national average. Overall these figures demonstrate that our flexible and vibrant labour market remains a source of strength for the UK economy.

“While wages are continuing to rise faster than prices, boosting disposable incomes, the slowdown in annual earnings growth will provide more evidence to the MPC that there is no need to consider any early increase in interest rates.”