The Peterborough constituency now has a 2.1% jobless rate – down 38% since 2010 with youth unemployment down by 71% in the last 6 years.
A record high of 31.42 million people in work with private sector employment at the highest since records began
Employment: The employment rate remains at a record high at 74.1%
Work: the number of people in work rose 478,000 in the last year, hitting a record 31.42 million people in work, fuelled by a rise in full-time employment
Unemployment: The unemployment rate is the lowest in nearly a decade, at 5.1%, and the inactivity rate – people not in employment and not looking or not available to work – is at a near record low
Women: over a million more women in work than in 2010 with the female employment rate remaining at a record high of 69.1%
Youth unemployment: the number of young people claiming unemployment benefits stands at 153,000, the lowest since the mid-1970s
Pay: Wages excluding bonuses are up 2.2% over the year while inflation was close to flat
Vacancies: there are a near record 768,000 job vacancies and the claimant count is at its lowest in four decades
Today’s national statistics set out another strong set of figures showing private sector employment at the highest since records began, wages rising and a near record 768,000 job vacancies in the economy. The strength of our economy is a credit to hard-working people and businesses.
This success is shared by people across the country with every region seeing an increase in the number of people employed compared to this time last year. The employment rate of every region across the UK is above the Eurozone average.
All parts of society are benefitting from our reforms – the female employment rate is at a record high of 69.1% with more than a million people in work since 2010 and the number of young people claiming unemployment benefits stands at 153,000, the lowest since the mid-1970s.
Wages are continuing to rise, particularly in the private sector where total pay is up 2.3% on the year. With private sector employment hitting a record high of over 26 million, more people are enjoying the security and opportunity of a pay packet.
Unemployment now stands at 5.1% – half the Eurozone average – with long-term unemployment falling to 480,000 – the lowest since 2009. And the claimant count has fallen over 100,000 over the past year. It’s clear that we are delivering on our promise to support people to get on in life, and create greater economic security for all.