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Brexit news: UK unemployment HLAF average of Eurozone according to Eurostat data | UK | News


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The statistical office, called Eurostat, released its unemployment data for August this year which put the Eurozone’s unemployment rate at 8.1 percent.

Meanwhile, the UK’s has fallen to just 4 percent, the lowest it has been since 1975, as Britain’s Brexit economic boom continues.

The figures mean the Eurozone’s average unemployment is more than double the UK’s, although the figure is being dragged up by the struggling economies of countries like Greece (19.1 percent unemployment) and Spain (15.2 percent).

Commenting on the UK’s low unemployment rate, Work and Pensions Secretary Esther McVey, said: “With the unemployment rate falling further to just 4 percent and youth unemployment down over 45 percent since 2010, school leavers can look forward to a growing jobs market, improving the prospects for their future careers.

“In fact, the UK’s vibrant jobs market is benefiting people across the board.

“Record rates of ethnic minority people in work also show that more families across our society are benefiting from the security of a job.

“We have some of the most creative, innovative and hard-working young people in the world and this summer I’ve been urging them to take on a summer job, gaining ‘soft skills’ – or as I call them, essential skills – for their future career.

Parts of the Eurozone are still struggling to recover from the 2008 economic crash, with the employment rate slow to pick up in the aftermath.

Greece emerged from its eight-year financial bailout in August this year after successfully completing its third emergency loan programme.

Whilst conditions are improving for the country, its economy is still much smaller than when its debt crisis started and it owes hundreds of billions of euros to the EU, IMF and Germany.

The EU as a whole has an unemployment rate of 6.8 percent, being lower than the Eurozone’s with the inclusion of countries like the UK, Czech Republic (2.5 percent) and Poland (4 percent).

According to the Office for National Statistics, the UK has 65,000 fewer jobless people since March, taking the total number down to 1.36million.

At the same time, 32.9million people are in work, 42,000 more than in the last quarter.

Wages have increased by 2.7 percent (excluding bonuses) without accounting for inflation and increased 0.4 percent (excluding bonuses) in real terms.

Britain’s strong economic performance continues to thwart Remainer attempts to undermine the economy with Project Fear doomsaying about Brexit.

The CBI, which has been outspoken against Brexit, has admitted some of their assumptions were wrong.

Head of Economic Intelligence at the CBI, Anna Leach, said: “The labour market continues to confound expectations of a slowdown, with employment rate at another record high and the unemployment rate the lowest since the 1970s.

“But, despite high vacancies, pay growth has slipped to a six-month low, keeping up the pressure on people’s living standards.”

Youth unemployment rate is up at 11 percent compared to the previous month’s 10.9, although its general trajectory has been downwards.

The number of young people looking for work is down 45 percent since 2010.


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