The UK employment rate has reached a new record high, according to figures released by the Office of National Statistics.
There are now 32.7 million people in paid work in the UK, an annual increase of 473,000. This takes the employment rate to a new record high of 76.1%, with an average of 1000 jobs created every day since 2010.
Nearly four-fifths of jobs created since 2010 are full-time jobs, with just 2.6 per cent of the workforce on zero-hour contracts – a reduction over the last year.
The unemployment rate has fallen to a 44 year low of 3.9%, well below the EU average of 6.5%. There are over 439,000 fewer young people out of work since 2010 – almost halving since 2010.
Wages have grown by 3.4% - over and above inflation and at the fastest rate in over a decade.
The trend is expected to continue with the Office of Budget Responsibility predicting employment to be higher over the next five years, and the number of people in work expected to be 33.2 million by 2023.
The news has been welcomed by North Swindon MP and DWP Minister Justin Tomlinson, who said: “There are now 473,000 more people in work than last year, and behind this statistic are people now earning and providing for themselves and their families. Thanks to our pro-business approach, the UK is creating record numbers of jobs and wage increases are outdoing inflation – meaning people have more money in their pockets. This has been made possible by the Government’s balanced approach to the economy, and working with businesses to create more, better paying jobs across the whole country through our modern Industrial Strategy.”
Key statistics:
- Wages: Average weekly earnings for employees increased by 3.4 per cent compared with a year earlier.
- Employment: A record high of 32.71 million (up 473,000 over the last year and up by 3.67 million since 2010).
- Employment rate: 76.1 per cent (up 0.8 points over the past year and up 5.9 points since 2010).
- Unemployment: 1.34 million (down 112,000 over the past year and down by 1.17 million since 2010) and the lowest level since 1975.
- Unemployment rate: 3.9 per cent (down 0.4 points over the past year and down 4.0 points since 2010) – the lowest rate since 1975 and halving since 2010 (8.0 per cent).
- Youth unemployment: There are over 439,000 fewer young people out of work since 2010 – almost halving since 2010.
- Disabled people: There are almost 1 million more disabled people (938,000) in work since 2013, as we are breaking down the barriers to employment facing disabled people.
Other useful statistics:
- The latest data shows that wages increased by 3.4 per cent – while prices rose by 1.8 per cent in January – meaning wages have risen faster than prices for a year and hard-working families are keeping more of what they earn. This is good news, but there is more to do.
- The employment rate among ethnic minority groups is now 66.5 per cent.
- Nearly four-fifths of jobs created since 2010 are full-time jobs, with 2.6 per cent of our workforce on zero-hour contracts – a reduction over the last year.
- There are over 1.77 million more women in work since 2010.
At the Spring Statement, the OBR confirmed Britain’s employment success is set to continue:
- Employment is expected to be higher over the next five years, with the number of people in work expected to be 33.2 million by 2023.
- This means that since 2010, there will be 4.2 million new jobs created, making John McDonnell’s prediction of 1.2 million jobs lost out by 5.4 million.
