Britain's hit the lowest level of unemployment for more than a year. The latest figures from the Office of National Statistics show that the number of people out of work fell by 49,000 to 2.52 million in the three months to September, down 1% to 7.8%.
To coin the phrase used by Prime Minister David Cameron, when he visited car supply chain factories the other week, Britain does appear to be on 'the right track'. More than half a million people have gotten work over the past year. That's 71.2% of the population, 29.58m in total. But there are 10,100 more people claiming benefits and there are now more people out of work for longer: 12,000 more people have been out of work for more than a year, 21,000 more people have been looking for job for more than two years.
The overall drop in the number of people out of work is down to the fact that more young people seem to be getting a job. You have to wonder how well the rosy outlook for the UK will continue though. Yesterday's increase in inflation figures (the Consumer Prices Index up to 2.7%) revealed that consumer spending is being squeezed by a rise in food prices, fuel prices, transport costs and tuition fees. And the continuing pressures on our European cousins might mean British exports could take even more a battering in the coming months. Employment Minister, Mark Hoban told BBC News there was "no room for complacency"…. "There are still some real challenges out there. We still need to tackle... long-term unemployment." Ironically the Department of Education has just announced 1,000 job cuts in an efficiency drive.
Written and presented by Marverine Cole.