By Max Clarke
UK Unemployment has defied expectations; witnessing a slight drop of 0.1%. The last quarter saw the numbers of unemployed dip back down from their last quarter high of 2.53 million.
While showing signs of decline, unemployment still poses a concern, with 1/3 million fewer adults in employment this quarter than in the pre-recession peak of 29.6 million.
Pay growth, however, remains low, with 1.9% salary growth in the private sector and 2.3% in the public remaining far below consumer price inflation at 4%. Disposable income for UK households will continue to decline, further reducing spending power and consumer confidence.