Unemployment in the U.K. has dipped below 6 percent for the first time in six years, according to data released by the Office for National Statistics.
The report revealed that the final unemployment rate for the end of 2014 was 5.8 percent. The amount of people looking for work in the nation fell by 58,000 in the last quarter to 1.91 million. There were 418,000 fewer people looking for jobs than 12 months earlier, explained the report, when the unemployment rate was 7.1 percent. Currently, nearly 31 million people in the U.K. are employed.
Wages were also on the rise at the end of 2014, explained the report. Compensation for workers in Great Britain grew by 1.8 percent excluding bonuses and 1.7 percent including bonuses. Business Insider noted that earnings increased faster than inflation, a positive change for U.K. workers – consumer prices only increased by 1 percent during this time.
Looking forward to 2015, economists expect unemployment to continue to fall, though probably not at the significant rates seen in 2014.
“We now have unemployment falling below 6% for the first time, which is a really, really important moment to mark. Jobs are being created and salaries are rising, meaning that increasing numbers of people are feeling the security and hope for the future,” Work and Pensions Secretary Iain Duncan Smith told the BBC.