Yesterday’s Labour Market Statistics

HEADLINE NEWS  - UNEMPLOYMENT RATE FALLS TO LOWEST SINCE 2005

Official figures released today show that the unemployment rate has fallen to 4.7% – the lowest level in 12 years.

The Office for National Statistics has confirmed that employment continues to run at a record high rate of 74.6%, with 31.85 million people in work – an increase of 315,000 on the year and more than 2.8 million since 2010. The rise in employment continues to be driven by full-time work. Meanwhile, average weekly wages grew by 2.2% over the last year.

There are 1.58 million unemployed people, 106,000 fewer than this time last year, and the proportion of 16-24 year olds who have left full-time education and are unemployed is 5.1%. Long-term unemployment is at 393,000, the lowest since before the 2008 recession. Also from today’s figures there are around 760,000 vacancies in the economy at any one time.

Separate figures out today show more than one million claims have been made to Universal Credit (UC). Of the 410,000 households now receiving UC, around two-thirds are in work.

Employment Minister, Damian Hinds, said:

“I’m delighted by another set of record-breaking figures showing more people in work than ever before and unemployment falling to its lowest in 12 years. Employment is up, wages are up and there are more people working full time. This is good news for hardworking families across the UK as we continue to build a country that works for everyone. But we have more to do, which is why we’re pressing ahead with our welfare reforms to ensure that it always pays to be in work.”

Access the full article on GOV.UK

The National Employer and Partnership Team would like to say thank you to all Employers, Trade Associations and Partners for the significant contribution you have made to the fall in unemployment, demonstrated in the figures.   

                                              Edition 16.03.2017