UK EMPLOYMENT AT RECORD HIGH

The most recently released UK labour market figures, based on the May to July 2016 period, show the UK’s unemployment rate remains at 4.9%, down from the 5.5% recorded a year earlier. With 1.63 million people out of work, a fall of 39,000 from the Feb-April quarter and 190,000 less than the same period last year; its lowest level seen since the March- May 2008 quarter.

There were in fact 559,000 more people in employment in the May- July 2016 quarter, compared with the same period a year earlier. At 74.5% there are more people in work now than since comparable records began in 1971. Of these people, 23.5 million were in full-time employment and 8.51 million in part-time employment.

Those aged from 16 to 64 years and deemed economically inactive (those not working and not seeking or available to work) fell by 195,000 from the previous year to 8.83 million.
The number of people claiming unemployment benefits was recorded at 771,000 for August, made up of 557,900 claiming the Jobseeker’s Allowance and 213,100 people claiming Universal Credit.

At the same time, the Office for National Statistics (ONS) released data showing that average weekly earnings for employees increased by 2.3% including bonuses and by 2.1% excluding bonuses compared with the same period last year.

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