Unemployment drops in Wales to year long low

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Between May and July the number of people unemployed in Scotland dropped by 1000, bringing the total to 106,000, according to the latest figures from the Office of National Statistics. It also promised more "flexibility" for all public sector workers' pay from 2018. "Instead earnings growth has flat lined in the last couple of years".

The unemployment rate now stands at 4.3 per cent, the same as the United Kingdom average.

The UK jobless rate dropped to its lowest level in 42 years and wage growth remained subdued during the three months ended July, official data showed Wednesday.

Weekly earnings for employees grew by 2.1 per cent.

"The UK wage growth data was as bad as it can get", said Naeem Aslam, chief market analyst at Think Markets UK.

With yesterday's inflation figures showing prices rising at 2.9%, this means pay is still shrinking in real terms, according to Ben Brettell, senior economist at Hargreaves Lansdown. In the same period, real pay fell 0.4% from past year.

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The unions of prison officers threatened industrial action dismissing the pay rises announced.

The figures are likely to complicate Bank of England policymakers' debate over whether to support a rate rise at their monthly Monetary Policy Committee meeting later today.

While the lack of wage growth suggests the current surge in inflation will ultimately fizzle out, the strong growth in hiring points to greater robustness in the economy.

"Despite earnings rising by 2.1% in cash terms over the a year ago, the real value of people's earnings is down 0.4%". How much you really want to squeeze the consumer, inflation is high and if you increase the interest rate, it would only create a negative effect.

The number of new claimants for unemployment benefits - a bellwether for the broader labour market - fell by 2,800 in August against average forecasts of a marginal increase of 600.

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