UK employment rate reaches record high, according to ONS
- 21st July 2016
- Business & Economy
The number of people in work in the UK reached a record high in the months leading up to May, data from the Office for National Statistics (ONS) has shown.
The UK employment rate reached 74.4 per cent, with over 30 million people in work in the three months leading up to May, up by 176,000 on the previous quarter.
Figures also showed that the number of jobless people in the UK has reached its lowest in eight years.
The data showed that the number of unemployed people has fallen, with a decrease of 54,000 over the quarter and a jobless rate of 4.9 per cent compared to a year ago.
However, there was an increase in the number of claimants, including those claiming Jobseeker’s Allowance, with a rise of 400 last month to 759,100. This was the fourth consecutive monthly rise.
The figures also showed a decrease in job vacancies, with a drop of 10,000 to 747,000, whilst average earnings increased by 2.3 per cent in the year up to May, a rise of 0.3 per cent on the previous month.
The number of people who are economically inactive has also dropped to its lowest in 13 years, falling by 46,000 to 8.8 million.
Commenting on the figures, the ONS said: “The labour market continued to strengthen in spring 2016, with record employment and the unemployment rate at its lowest since 2005.”
It added that the record figures also cover the period after the result of the EU referendum was known.
The first step to building or expanding a business is creating a concrete business development plan. Entrepreneurs will find plenty…
Every business operates with the goal of growth, but only a few manage to beat the competition at every curve.…