UK unemployment drops to 2.33 million, ONS report reveals

The latest statistic figures released by the ONS (Office for National Statistics) revealed that UK unemployment dropped to 2.33 million in the three months to January 2014 and is now standing a 7.2% of the population.

Quite obviously, this drop in unemployment numbers was a direct result of the fact that the number of people in employment increased by 105,000 on the quarter and by 459,000 on the year to reach 30.19 million for November 2013 to January 2014.

In other words, the employment rate was 72.3% (for people aged from 16 to 64) for November 2013 to January 2014, up from 72.0% for August to October 2013 and from 71.5% the previous year.

Figures also showed that the number of unemployed 16 to 24-year-olds stood at 912,000 in the three months to January, a drop of 29,000 and the lowest level since 2011.

Furthermore, the ONS report also revealed that pay including bonuses for November 2013 to January 2014 was 1.4% higher than a year earlier, with pay excluding bonuses 1.3% higher, while the number of people claiming Jobseeker's Allowance fell by 34,600 to 1.175 million.

Employment Minister Esther McVey said the overall fall in unemployment showed that "the growing economy is helping record numbers of people to find a job".

"The rise in employment is being fuelled by businesses and entrepreneurs across the country who are feeling increasingly confident with the improving economy," she added, as reported by a major media outlet.