Payroll services demands reach new heights

Payroll services demand in the South West has increased again according to official figures.

Payroll services demand in the South West has increased againAccording to the Office of National Statistics (ONS) there were 31.03 million people in work- which is 354,000 more people than for a year earlier.

There were 22.76 million people working full-time, 352,000 more than for a year earlier. There were 8.27 million people working part-time, little changed compared with a year earlier.

The employment rate (the proportion of people aged from 16 to 64 who were in work) was 73.4%, little changed compared with January to March 2015 but higher than for a year earlier (72.8%).

The unemployment rate was 5.6%, little changed compared with January to March 2015 but lower than for a year earlier (6.3%). The unemployment rate is the proportion of the labour force (those in work plus those unemployed) who were unemployed.

Comparing April to June 2015 with a year earlier, pay for employees in Great Britain increased by 2.4% including bonuses and by 2.8% excluding bonuses. Earnings including bonuses rose 2.4% from a year ago, compared with 3.2% growth in the March to May period.

There has also been a 12% rise in the number of EU nationals who moved to the UK to work over the last year.

ONS statistician David Freeman said: “This is now the second consecutive time we’ve reported fewer people in work on the quarter. While it’s too early to conclude that the jobs market is levelling off, these figures certainly strengthen that possibility. Growth in pay, however, remains solid.”

The number of EU nationals who moved to the UK to work increased by 250,000 on the same period last year, raising the figure to 1.98 million. Non-EU nationals working in the UK was little changed at 1.2 million.

The unemployment rate in the UK was highest in the North East (8.1%) of England and lowest in the South West (4.4%).

The youth unemployment rate rose marginally to 16% compared with 15.9% in the January to March period, but was down from 16.9% a year earlier.

Some 22.76 million people were in full-time work, the ONS said, up 352,000 from a year ago. The number of part-time workers was 8.27 million, little changed from a year earlier.

While the growth in earnings still remains well above the rate of inflation, the weaker-than-expected pay figure – together with the slight increase in unemployment – pushed the value of the pound down.

Wage growth is one factor the Bank of England has been keeping a close eye on as it considers when to increase UK interest rates.

The ONS said there were 735,000 job vacancies in the May to July period, which was little changed from the previous three months but 69,000 more than a year earlier.

The unemployment figures are based on the Labour Force Survey, in which the ONS speaks to 60,000 households once a quarter, making it the country’s biggest household survey.

So if you want help with your payroll services, accounts and business administration- you can either ring us now on 01242 583001 – email us on edith@esbaccountancy.co.uk or click the Contact Us button payroll bookkeeping services small business help contact esb accountancy gloucestershireor please fill the form at the bottom of the contact us page.

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