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Unemployment falls to 10-year low in latest figures

Credit: PA

Unemployment has fallen to a 10-year low in the latest official figures from the Office for National Statistics

The number of people seeking work dropped by 16,000 to 1.62 million - or 4.8% - in the three months to October.

The UK now has one of the lowest unemployment rates in the EU, with only Germany and the Czech Republic having a lower figure.

Average earnings also edged upwards by 0.1% on the previous month, with workers seeing an average increase of 2.5% in the year to October.

The ONS also reported a rise of 76,000 in the number of people classed as economically inactive - a category of people who are of working age but are not currently in or actively seeking work.

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Unemployment at 10-year low as jobless cut by 37,000

Unemployment is now at a 10-year low Credit: PA

Unemployment in the UK fell by 37,000 to 1.6 million from July to August.

Figures of unemployment across the country are now at a 10-year low, according to the Office for National Statistics.

The numbers are an improvement on the first quarter to August, where unemployment increased by 100,000 to 1.66 million.

The current employment rate of 74.5% is the highest since records began in 1971.

However, the ONS warned there are signs that the jobs market might be "cooling".

Unemployment increases by 10,000

Unemployment has increased by 10,000 in the quarter to 1.66 million people. Credit: PA

Unemployment has increased by 10,000 in the quarter to August to 1.66 million people.

Despite unemployment increasing, the number of people in employment remains at a record high of 32 million.

The claimant count increased by 700 last month to 776,400, the sixth increase in seven months according to the Office for National Statistics.

Average earnings increased by 2.3% in the year to August, 0.1% down from the previous month.

Unemployment is 118,000 lower than this time last year despite the rise.

Analysis from ITV News Business Editor Joel Hills.

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