UK Employment Statistics released today show the unemployment rate has fallen to 4.5% – the lowest level since 1975.
An increase in the number of people now in full time work has driven the record figures, with the overall number of people in work at the highest level since records began in 1971.
The Office of National Statistics has released that the employment rate is at a record high of 74.9%, with 32.01 million people now in work. This is an increase of 324,000 on the year.
The figures released today also looked at employment rates based on several demographics including area, age and gender, finding that;
– the female employment rate is at a record high of 70.4%, with over 15 million women in work.
– youth unemployment is down by 377,000 since 2010
Minister for Employment, Damian Hinds commented on the figures in terms of the growing UK economy:
“These latest statistics are another reminder that our strong economy is giving record numbers of people the chance to find and stay in work. Unemployment is low, employment is high and there are over three quarters of a million vacancies. This is great news for Britain and for millions of ordinary working families. We’re committed to delivering a welfare system which transforms lives and offers help to those who need it most, whatever their background or wherever they are from.”
Since the end of the recession the number of those in work has risen steadily, however there is concern over pay growth, referring to the Phillips Curve, a supposed inverse relationship between the level of unemployment and the rate of wage inflation.
The number of those in work in the UK rose by 175,000 during our last quarter, resulting in UK employment levels totalling above 32 million. The Office of National Statistics comments on their figures and growth of employment, showing that the number of people who were not in work had fallen by 64,000 during March to May.
“There were 32.01 million people in work, 175,000 more than for December 2016 to February 2017 and 324,000 more than for a year earlier.”
Further figures are due to be released in August 2017.