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UK unemployment falls again but wage growth slows UK unemployment falls again but wage growth slows
(about 2 hours later)
Unemployment has fallen to its lowest level in more than five years but wage growth slowed to just 1.3%, excluding bonuses, denting hopes that the long running cost of living crisis many be at an end. Unemployment has fallen to its lowest level in more than five years but wage growth slowed to 1.3%, excluding bonuses, denting hopes that the long running cost of living crisis many be at an end.
When bonuses are added, average weekly earnings in the three months to March rose above the inflation rate of 1.6% to reach 1.7%, but excluding bonuses the increase was 1.3% during the quarter, dragged down by a 1% month-on-month fall in weekly wages. When bonuses are added, average weekly earnings in the three months to March rose by 1.7%, above the inflation rate of 1.6%. But excluding bonuses the increase was 1.3%, dragged down by a 1% month-on-month fall in weekly wages.
The number of people in work reached a record high, fuelled by more self-employment. More than 30.4 million people are now in work - the highest since records began in 1971 - while self-employment has also reached a record high of more than 4.5m. The number of people in work reached a record high, fuelled by more self-employment. More than 30.4 million people are now in work – the highest since records began in 1971 – while self-employment has also reached a record high of more than 4.5 million.
The Office for National Statistics said a fall in unemployment continued and the number of economically inactive people aged from 16 to 64 "continue the general direction of movement over the past two years".The Office for National Statistics said a fall in unemployment continued and the number of economically inactive people aged from 16 to 64 "continue the general direction of movement over the past two years".
The number of people in work kept up its steady rise after the total in a job rose 283,000 in the last three months, while unemployment fell to 2.21 million, down 133,000 on the previous quarter and 309,000 fewer than a year earlier.The number of people in work kept up its steady rise after the total in a job rose 283,000 in the last three months, while unemployment fell to 2.21 million, down 133,000 on the previous quarter and 309,000 fewer than a year earlier.
However, the stellar rise in the number of self-employed people kept up its strong run. A rise in the number of employees by 351,000 to reach 25.63 million was superceded by the number of self-employed people, whose numbers swelled by 375,000 to reach 4.55 million. However, the stellar rise in the number of self-employed people kept up its strong run. A rise in the number of employees by 351,000 to reach 25.63 million was superseded by the number of self-employed people, whose numbers swelled by 375,000 to reach 4.55 million.
It is a trend that could delay the Bank of England's first hike in interest rates, especially as studies show pay levels among the self employed are around 40% lower than for employed people and are dragging down the average pay rates. It is a trend that could delay the Bank of England's first hike in interest rates, especially as studies show pay levels among the self-employed are around 40% lower than for employed people and are dragging down the average pay rates.
Separate figures for pay rises from Income Data Services have shown pay deals, especially at major companies running at above 2%, illustrating a widening gap between those in full-time paid employment and a growing army of self employed people on lower incomes.Separate figures for pay rises from Income Data Services have shown pay deals, especially at major companies running at above 2%, illustrating a widening gap between those in full-time paid employment and a growing army of self employed people on lower incomes.
Ian Stewart, chief economist at Deloitte, said: "Britain's job-rich recovery is still not feeding through to greater consumer spending power.Ian Stewart, chief economist at Deloitte, said: "Britain's job-rich recovery is still not feeding through to greater consumer spending power.
"But today's strong jobs numbers signal that we are close to a turning point. We expect to see real earnings rise in the second half of 2014 for the first time in more than four years.""But today's strong jobs numbers signal that we are close to a turning point. We expect to see real earnings rise in the second half of 2014 for the first time in more than four years."
Minister for employment Esther McVey said: "As the recovery takes hold, more people are able to get a job or set up their own business and become the employers of tomorrow. Each and every person who has made a new start or hired someone new is helping to make Britain a more prosperous and confident place to be.Minister for employment Esther McVey said: "As the recovery takes hold, more people are able to get a job or set up their own business and become the employers of tomorrow. Each and every person who has made a new start or hired someone new is helping to make Britain a more prosperous and confident place to be.
"We will continue to support those in and out of work who want to get on and fulfil their ambitions for a more secure future.""We will continue to support those in and out of work who want to get on and fulfil their ambitions for a more secure future."