UK unemployment drops to 2.51 million

The latest report from the Office for National Statistics (ONS) has revealed that UK unemployment fell by around 4,000 in the three months leading to June, leaving a grand total of around 2.51 million people out of work.

However, even with this drop, the unemployment rate remains stable at 7.8%, which is far from the official target set by the Bank of England with respect to the interest rate, namely 7%.

Another interesting pieces of news provided by the ONS is the fact that the number of people claiming Jobseeker’s Allowance in July fell more sharply, down by 29,000 to 1.4 million, while the number of people in work increased by 69,000 in the three months to June, up to 29.78 million, which means that 307,000 more people are in employment in the UK, compared with the same time last year.

Unfortunately, it’s not all good news from the ONS, since the aforementioned report also revealed the fact that youth unemployment, among those aged 16-24, increased by 15,000 to reach 973,000.

Additionally, the number of people who haven’t been able to secure a job for the past two years has also risen by 10,000 to 474,000, the highest number in 16 years.