politics

Employment rate hits record-high as unemployment continues to fall and wages increase by 2.7% in past year


THE EMPLOYMENT rate has hit a record-high while unemployment is continuing to fall as wages increase by 2.7 per cent in the past year.

Official new statistics reveal the number of people in work reached new levels in the quarter to May.

 The figures were welcomed by Esther McVey, the Welfare Secretary

AFP

The figures were welcomed by Esther McVey, the Welfare Secretary

Meanwhile job vacancies in the same period increased by 7,000 to 824,000 – the most since records began in 2001.

Figures from the ONS show employment increased by 137,000 in the quarter to May to 32.4 million, the highest figure since records began in 1971, giving a record rate of 75.7 per cent.

Unemployment fell by 12,000 to 1.41 million, giving a jobless rate of 4.2 per cent, the joint lowest for more than 30 years.

Average earnings nominally increased by 2.7 per cent in the year to May, while in real terms and adjusted for inflation they increased by 0.4 per cent.

 Figures from the ONS show employment increased by 137,000 in the quarter to May to 32.4 million, the highest figure since records began in 1971

PA

Figures from the ONS show employment increased by 137,000 in the quarter to May to 32.4 million, the highest figure since records began in 1971

Matt Hughes, senior ONS statistician, said: “We’ve had yet another record employment rate, while the number of job vacancies is also a new record.

“From this it’s clear that the labour market is still growing strongly. meanwhile, real earnings remain modestly up on the year, both including and excluding bonuses.”

And the number of people classed as economically inactive, including students, those on long-term sick leave, early retirement or who have given up looking for work, fell by 86,000 to 8.6 million, giving a rate of 21 per cent, a record low.

The claimant count, which includes people on Jobseeker’s Allowance and the unemployment element of Universal Credit increased by 7,800 last month to 898,700, around 97,000 more than a year ago.

In response Esther McVey, the Welfare Secretary, said: “It is good news that in the last year alone, over 380,000 more people have the security of a job and a regular pay package.

And the minister for employment, Alok Sharma, said: “Importantly, it’s good see that wages are continuing to outpace inflation.”

Anna Leach from the business group the CBI said: “The labour market continues to confound expectations of a slowdown, with the employment rate at another record high and the unemployment rate the lowest since the 1970s.”





READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.  Learn more