The British economic recovery was further showcased by the latest round of labour data.
Britain’s healthy economy received another boost on Wednesday after labour figures showed a record number of UK residents are in work. It’s welcome news for Chancellor George Osborne ahead of May’s general election, and great news for the economy.
The employment level and the employment rate both reached record highs, according to the latest labour report from the Office for National Statistics (ONS).
The number of people claiming Jobseeker’s Allowance also declined to its lowest level since 2008. The claimant count rate declined to the lowest seen in nearly 40 years, which the government heralds as proof that its long-term economic plan is working.
“Today’s ONS figures record yet another economic milestone, confirming a new record high employment rate alongside a claimant count that has not been lower since 1975," said Mr Osborne.
“British families are seeing the results [of the long-term economic plan], with regular wages rising more than five times faster than prices," he added.
In the three months to January, average earnings including bonuses, rose by 1.8 per cent when compared with a year earlier. Excluding bonuses, average earnings rose by 1.6 per cent in the same period when compared with last year.
Wage growth continues to surpass inflation levels, which is only 0.3 per cent according to the latest data. This means British workers are enjoying more money in their pocket as purchasing power increases.
The average earnings growth rate may have slowed in the latest release, however analysts at the ONS were quick to note that this slowdown is most likely due to smaller bonus payments in the period.
Unemployment figures were equally impressive and were near seven-year lows. The number of people out of a job fell to 1.86 million and the unemployment rate remained at 5.7 per cent, both at their lowest since 2008.
To read the full ONS report click here.
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