Wednesday, 18 January 2017

Good news: 294,000 more in work than this time last year - the unemployment rate remains at 11-year low of 4.8% -

Unemployment rate at 11-year low
Unemployment: The unemployment rate remains at 11-year low of 4.8%
Employment: The employment rate is 74.5%; a near-record high
Women: Female employment rate reaches a new record high of 69.9%
Youth unemployment: Youth unemployment is down by over 360,000 since 2010 and the lowest in 11 years
Work: There are 31.8 million people now in work, up by over 2.7 million since 2010
Pay: Average wages excluding bonuses grew by 2.7% over the last year and real pay excluding bonuses grew 1.7% over the year
Today’s official statistics show we start the new year with another encouraging set of figures. Employment continues to run at a near-record high, unemployment remains at an 11-year low and both figures are stronger than this time last year – highlighting the strength and resilience of our labour market as we step up to the challenges of 2017.
This good news applies across the country, with the female employment rate hitting a new record high, and the rate of young people not in work or full time education at a record low of 5.3%. There are 294,000 more people in work compared to this time last year.
Unemployment continues to fall; down 52,000 on the quarter and down over 900,000 since 2010, with long-term unemployment the lowest since mid-2008. And a separate set of official statistics released today show that 900,000 claims had been made to Universal Credit up to 8 December, with an average of 13,000 new claims per week in the preceding 4 weeks. Of those on Universal Credit at 8 December, 43% were in work.
We have made real progress creating a strong economy and helping more people into work, and will do what is needed to continue that trajectory as we build a country that works for everyone.