Unemployment in Newmarket has fallen to its lowest level since November 2008, the first year of the recession, and has almost halved since the peak in September 2009.
The only measure of unemployment available at a local level in Newmarket is the Claimant Count. This records the number of people claiming Jobseeker’s Allowance (JSA) in an area.
The most recent data - March 2014 - shows the claimant count in Newmarket is 1.8%. This is the lowest it has been in nearly six years since November 2008. During the recession unemployment peaked in Newmarket in September 2009 with a rate of 3.8%. The current claimant count has fallen by almost half since then.
Newmarket’s claimant count is lower than the average rate for the UK which currently stands at 2.9%. Newmarket’s unemployment rate has also fallen faster than the national average. Since September 2009 unemployment in the UK has fallen by a quarter whilst in Newmarket it has fallen by nearly half.
These figures come at the same time as average earnings grow above inflation. That means, for the first time since spring 2010, the increase in average wages exceeds the Consumer Price Index measure of inflation.
Matthew Hancock, the MP for West Suffolk, said: “I am delighted to see unemployment rates falling again in Newmarket. Newmarket is a thriving town which has really bounced back since the recession with an unemployment rate of nearly half the national average.
“I was very impressed by the people and businesses I met at the Jobs and Apprenticeships fair I held last month and I am very glad to see them all doing so well. There is still a long way to go with helping people back into work but these figures show we are moving in the right direction with real pay rising, lower income tax and a record number of jobs being created.
“There has also been a sharp fall in youth unemployment meaning our long term economic plan is creating a better future for everyone”.