THE UNEMPLOYMENT rate has risen by the biggest amount in almost five years, official figures showed yesterday. Some 1.47 million people were out of work in the three months to December, an increase of 46,000. This is the largest rise in the jobless total since early 2013 and the first time it has jumped since the summer of 2016.
The figures from the Office for National Statistics (ONS) sent the pound half a cent lower against the US dollar to just over $1.39. The unemployment rate has now risen to 4.4% from 4.3%. Although average weekly earnings, excluding bonuses, went up by 2.5%, which an improvement on the previous figure of 2.3%, wage increases lagged behind inflation, meaning that pay fell by 0.3% in real terms.
TUC general secretary Frances O’Grady said the continued squeeze on real terms pay is ‘pushing families to the brink’, but left it there, with no reference to what the TUC is going to do about it.
GMB General Secretary Tim Roache said: ‘Today’s unemployment figures have kicked out the last legs propping up this Government’s failed economic plan.
‘Pay is still being squeezed, people are struggling to pay the bills and the Tories appear more concerned with their internal squabbles than sorting that out. ‘Ministers need to put protecting people’s jobs ahead of their own ambitions, and invest in our economy and our workforce. ‘The Chancellor must use his Spring statement to draw a line under austerity and start investing in jobs, industry and our public services.’
• Homebase, which is being rebranded as Bunnings, had a profits slump of 86.6% in the second half of last year and is to speed up its store shutdown programme. Wesfarmers, which bought the retailer in 2016 has announced that 40 Homebase stores are to be closed, putting 2,000 jobs at risk.
Wesfarmers, which has already closed five Homebase branches between July and December last year, posted profits of 212m Australian dollars (£119.3m; $166.8m) for the half and Wesfarmers’ Sydney-listed shares finished up 3% yesterday.
