In an encouraging sign for the global economy, the UK’s latest unemployment rate projection has fallen to 4.9 percent, its lowest rate since July 2005.
It is important to note that this figure covers the period from March through May, which was before the region’s exit from the European Union. Many analysts believe that Brexit will negatively impact the current figures.
On Wednesday, the Bank of England expressed the notion that while immediate-term employment would be unlikely to be affected, longer-term would, stating:
“A majority of firms spoken with did not expect a near-term impact from the result on their investment or hiring plans. But around a third of contacts thought there would be some negative impact on those plans over the next twelve months."
Nevertheless, with 176,000 more individuals in the workforce over the previous period, and the employment rate reaching a record-high of 74.4 percent, the UK has a reason to celebrate.
The UK has over 23 million full-time workers, 401,000 more than it had at the same time last year.
Wages, not adjusted for inflation nor including bonuses, increased by 2.2 percent over the previous year.
The region’s inactivity rate, which measures the proportion of working age individuals deemed economically inactive, was also at an all-time low of 21.6 percent.