British retail sales hold up better than thought in August

United Kingdom unemployment rates in decline following Brexit, according to the latest report from the Office of National Statistics.

In July alone, based on a smaller and less representative sample of respondents than the main three-month measure, the jobless rate fell to 4.7 percent, the lowest since 2005.

He went on to say: “These labour market figures continue to show the utmost importance of Scotland and the United Kingdom as a whole retaining membership of the European single market, which will enable us to build on this encouraging progress, and ensure that everyone in Scotland benefits from economic growth”.

On a month-on-month basis, retail sales slid 0.3%, compared with a 2.1%increase recorded July, which was revised upward from 1.5%.

Yesterday’s figures showed unemployment dipped by 39,000 to 1.63 million – an unemployment rate of just 4.9 per cent- half the rate for the European Union.

“Our Labour Market Strategy shows that there is still more that we can and will do”.

Despite the apparent resilience in the labor market, many economists have expressed caution over the outlook.

The number of people in work has leapt by 559,000 in the past year alone.

The single month Labour Force Survey for July recorded an unemployment rate of 4.7%, down 0.4% compared with the month before, while the unemployment level dropped by 154,000 to 1.6 million over the period.

“Unemployment is down to its lowest level since 2008, bringing the Scottish rate down to 4.7%, lower than the United Kingdom rate of 4.9%”.

The number of people in work rose by 174,000 in the period, taking the employment rate to a new record high of 74.5% according to the Office for National Statistics.

But, more privately, he was actually very comfortable with an economy that was “rebalancing” away from the public sector towards the private sector, where wealth, he would argue, is actually created.

Howard Archer, chief United Kingdom and European economist at IHS Global Insight, said weaker earnings growth “fuels suspicion that companies will clamp down on workers’ pay”.

“Admittedly, some slowdown in the pace of spending growth looks likely”.

Ruth Gregory Capital Economics’ UK economist pointed to a small job in the number of people signing on for jobseekers allowance in July.