Employment rate reaches another new record high
Figures released by the Office for National Statistics (ONS) show that 427,000 more people have moved into employment in the last year, with 32.26m now in work. On average, 1,000 more people have entered employment every day since 2010.
The unemployment rate (4.2%) has not been lower since 1975, and the number of people out of work is down by 136,000 compared to a year ago.
In addition, as recognised by the ONS, wages are now outpacing inflation.
The Secretary of State for Work and Pensions, Esther McVey, said:
“Another milestone for employment has been reached under this government as employment reaches a record high, up 3.2 million since 2010 – the 16th time the employment record has been broken in the same period.
“That means on average, over 1,000 people have moved into work every day since 2010, and credit has to be given to the businesses who have created those jobs and the individuals who are taking those opportunities.
“Day by day we are helping people turn their lives round by getting into employment. Jobs are key to transforming lives and work is the best route out of poverty.
“And this month we have again increased the personal allowance and taken more people out of paying tax all together making sure people can keep more of what they earn.”
This comes, says the Government, as it has reformed welfare to make work pay, backed businesses to take more people on, and built a stronger, fairer economy. It wants to help even more people benefit from a well-paid job, claiming it is:
- improving the welfare system with Universal Credit, which helps people move into work faster and to stay in work longer than under the old system;
- introducing a modern industrial strategy to help businesses create better, higher-paying jobs in every part of the UK;
- helping people stay in work longer with its Fuller Working Lives strategy, which supports employers to recruit, re-train and retain older workers; and
- tackling inequalities in employment highlighted by the Race Disparity Audit, through targeted support in 20 areas around the country and £90m announced by the Prime Minister to help young people
The employment figures also show:
- there are 815,000 vacancies in the economy at any one time;
- the number of people in employment has increased by over 3.2 million since 2010;
- the UK has the third highest employment rate in the G7;
- the number of workers aged 50 or over has reached a record 10.1 million;
- youth unemployment level has fallen by over 40% since 2010;
- the proportion of young people who are unemployed and not in full time education is 5.1%, a fall of 3.9 percentage points since 2010; and
more than 820,000 people are now receiving Universal Credit, with 38% in employment.