North Swindon MP and DWP Minister, Justin Tomlinson, has welcomed news that the overall employment rate is at a new record high.
Figures released by the Office of National Statistics show that the employment rate is at 75.7%, with most of the growth being in both full-time and permanent roles. The unemployment rate also remains at 4.2% - the joint lowest since 1975.
3.3 million more people are now in work since 2010, with an average 1,000 more people in work each day. Out of those 3 million people now in work, 75% are now in full-time and permanent roles, and around 70% are in higher skilled occupations which generally attract higher wages.
In addition to this, the full-time gender pay gap has fallen to a record low of 9.1%, fuelled by 74% of the female employment growth coming from higher skilled occupations.
Figures also show:
- Unemployment down 84,000 over the past year and down by almost 1.1 million since 2010
- the number of workers aged 50 and over remains at a record high of 10.18 million
- the UK has the third highest employment rate in the G7
- Youth unemployment has fallen by nearly 45% since 2010
- The number of disabled people in work has risen by over 830,000 over the last four years.
- Employment among ethnic minority groups has risen by over 1 million since 2010.
- Wages are rising faster than prices. In the last year, regular pay for employees in Great Britain increased by 0.4 percentage points ahead of inflation.
Justin Tomlinson MP said: “There are record numbers of people in work and the unemployment rate has reached its lowest level in over 40 years. And with wages rising faster than prices, pay packets are going further. That means that more people than ever have the security of a job and can provide for their families. There is more to do to deliver more jobs and higher salaries, and our welfare reforms and modern Industrial Strategy aim to do exactly that. Only the Conservatives will continue to take the balanced approach our economy needs to support businesses to create better, higher paying jobs, ensuring a better future for Britain.”
Key Statistics
- Employment: 32.4 million (up 388,000 over the last year and up by 3.35 million since 2010).
- Employment rate: 75.7% (up 0.7 points over the past year and up 5.4 points since 2010).
- Unemployment: 1.41 million (down 84,000 over the past year and down by almost 1.1 million since 2010).
- Unemployment rate: 4.2 per cent (down 0.3 points over the past year and down 3.8 points since 2010) – the joint lowest since 1975.
- Wages: Latest figures show that average weekly earnings for employees in real terms increased by 0.4 per cent excluding bonuses, compared with a year earlier.
- Youth unemployment: There are over 415,000 fewer young people out of work since 2010.
