Employment rate hits a record high while unemployment plummets to pre-recession levels.
Employment: Employment reached a new record high of 74.0% with a record 31.4 million people in work.
Work: 588,000 more people in work than this time last year. Nearly 75% of the rise in employment in the past year is full time and, since 2010, 2/3rds of the rise in employment has been from managerial, professional, and associate professional jobs.
Unemployment: The unemployment rate fell to 5.1% – the lowest since early 2006, and long-term unemployment has fallen by 25% over the year to 488,000 – the lowest in 6 years.
Women: over a million more women in work than in 2010 taking us to a new record high of 14.66 million and the employment rate of 69.1%.
Youth unemployment: the unemployment rate for young people not in full time education is now 5.8%, matching last month’s record low.
Pay: Total pay is up 2.0% over the year with private sector wage growth at 2.2%
Today’s national statistics show that 2016 has got off to a very strong start with a record-breaking set of figures across all areas of society. There are now more people in work than ever before, driven by growth in full time work, a record employment rate for women, and the highest proportion of young people in full time study or work ever recorded. That’s a credit to hardworking British people and businesses alike.
With wages continuing to grow strongly – 2% over the last year – and a record number of vacancies currently available in the UK economy – it’s clear that this Conservative Government is delivering economic security for the country. We will build on this throughout the coming year by doubling childcare for working parents and introducing the new National Living Wage.
Our important welfare reforms are giving more people the security and stability of a pay check and the confidence they are providing for their families. Universal Credit, which 300,000 people have now made a claim to, is providing support to people across the country and ensuring that everyone has the opportunity to get on and succeed in life.