InvestmentsSep 18 2014

Unemployment sees largest drop in 26 yrs: DWP

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Unemployment saw the largest annual drop in 26 years, down by 468,000, bringing the unemployment rate to a new six-year low of 6.2 per cent, new figures from the Office for National Statistics revealed.

The statistics also show continued growth in private sector employment, up by almost 800,000 in the last year alone.

The employment rate, at 73 per cent, is also back up to the level seen before the recession, with 30.61m people in work.

Young people saw the largest annual fall in unemployment since records began in 1984, down by 213,000 on the year, and there are now fewer young people claiming the main unemployment benefit than just before the recession.

The number of people claiming Jobseeker’s Allowance is now below 1m.

Iain Duncan Smith, the secretary of state for work and pensions, said: “All of our reforms are focused on helping people off benefits and into work, giving people the peace of mind and security that comes with a steady income.

“With the number of people claiming the main unemployment benefit down below 1m for the first time in six years, we are helping people to break free from welfare dependency, look after themselves and their families, and play their part in getting our country back to work.”