The ONS released their Labour Market Statistics for February 2015 this morning showing a distinct improvement and signs of a very healthy labour market which can only be good for the current government and specifically David Cameron.
Employment is up 103k from 3Q, leaving our Unemployment Rate at 5.7%, its lowest since mid-2008. Average earnings increasing by 2.1% in the year to December.
This comes at a time when opposing parties are struggling to find anything to pin on the Conservative Party; Work & Pensions Secretary Iain Duncan Smith reiterated these figures showed the long-term economic plan was obviously ‘working’, while Chancellor of The Exchequer George Osborne tweeted:
The UK now has the third lowest unemployment rate in the European Union behind Austria (4.9%) & Germany (4.8%).
This could push forward the date for the long awaited rate increase which was widely anticipated to not be until mid – late 2016, despite the vote for a rate hike this month coming in at 9-0 again for the second straight month.
Cable popped on the back of the figures
Rising to a high of 1.5440 now settling at 1.5430, couple this with the FTSE100 Index within touching distance of a record high of 7000 and you have a very healthy looking UK economy heading towards the General Elections in May .