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Unemployment falls to 42-year low

News | ONS | Unemployment | Wages

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Unemployment in the UK has fallen to a 42-year low, according to new figures from the Office for National Statistics (ONS).

Estimates from the latest Labour Force Survey show that, between January to March and April to June of this year, the number of people in employment increased, while the number of unemployed people fell. The number of people under retirement age not working and not seeking or available to work - known as economically inactive - also fell during the first half of the year.

Unemployment in the UK has fallen to a 42-year low, but average earnings fall in real terms, according to the Office for National Statistics.

The ONS found that there were 32.07 million people in work in the second quarter of 2017, which was 125,000 more than the previous three months and 338,000 more than a year earlier. The office also revealed that the UK’s total employment rate was 75.1 per cent. This is the highest figure since comparable records began in 1971.

According to the research, the country’s inactivity rate, which is the proportion of people aged from 16 to 64 who were economically inactive, was 21.3 per cent. This was down from 21.6 per cent a year earlier, and was the lowest since comparable records began in 1971.

As well as employment figures, the ONS also carried out research into earnings. It found that between April to June 2016 and April to June 2017, regular pay for UK employees increased by 2.1 per cent, which is slightly higher than the growth rate between March to May 2016 and March to May 2017, at two per cent.

However, the latest estimates show that average weekly earnings for employees in real terms, which have been adjusted for price inflation, fell by 0.5 per cent, compared with the previous year.

Senior labour market statistician at the ONS Matt Hughes said: “The employment picture remains strong, with a new record high employment rate and another fall in the unemployment rate. Despite the strong jobs picture, however, real earnings continue to decline.”


Posted by Jon Aspinell on 16th August 2017

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