Unemployment experienced an unprecedented decline in the last month, according to the Department of Work and Pensions on 15 October 2014.
Happily, Bermondsey and Old Southwark has felt the benefits of this with unemployment falling to 3.8%, the lowest levels that we have seen since before the economic crash.
Jobseeker's Allowance claimants in Bermondsey and Old Southwark for September 2014 fell to 2,922 (2.9%), which is the lowest since 2008. This decrease is largely reflected by a dramatic reduction in JSA claimants aged 25-49.
There are close to 1,000 fewer claimants in Bermondsey and Southwark than there were in September 2013, showing that the economic recovery is taking hold locally.
Across Britain, unemployment dropped 538,000 in the past year - the largest annual fall on record.