Unemployment down – growth up

Unemployment is down and growth forecasts are up – according to new figures out today.
The encouraging updates were revealed from the Office for National Statistics (visit www.ons.gov.uk) and the Governor of the Bank of England Mark Carney (visit www.bankofengland.co.uk).
Unemployment fell again to 6.4% – a near six year low – in the three months to the end of June, the ONS said.
That is the lowest since the end of 2008 and down from 6.5% in May – and means the number of people unemployed fell by 132,000 to 2.08 million.
The number of young people out of work also dropped in the three months to June by 102,000 to 767,000.
That is more than 200,000 lower than a year ago and the greatest fall since records began in 1992.
Mr Carney, speaking in the Bank’s inflation report, upgraded its growth forecast.
He said that the Bank now expects growth of 3.5 % – up from previous estimates of 3.4% – for this year and up from 2.9% to 3% for next year.
He also expects unemployment to drop to below 6% by the end of 2014.
Interest rates remain at a historic low of 0.5% and, after the report, an increase to be further off than closer – especially as real wage growth is not yet matching GDP.
Mr Carney also said that a tightening up of mortgage lending rules earlier this year hasn’t affected the Bank’s view about interest and the prospect of gentler, long term rises rather than quick jumps in the short term.
McAndrew chartered surveyors, engineers and architectural design services have seen the improvement in the economy over the past year as demand has continued to increase for our wide range of services.
Increasing numbers of people have been in touch about surveys as the property market remains strong but we’ve also seen a call for more design and architectural work both from private and commercial clients.
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Call 02392 697 193or email [email protected] or visit our Team page to contact an individual member of staff directly.