The latest labour statistics have shown that employment has continued to rise and unemployment fall. This is part of a continuing trend over the last two years.
March to May 2014 saw 254,000 more people find work in comparison to December 2013 to February 2014. It’s also an increase of 929,000 from a year earlier. The number of those in work is now 30.64m.
That means that now 73.1% of 16 to 64 year olds are now working. The UK has not seen that rate since the December 2004 to February 2005 period. The country has also never seen a rate higher since records began in 1971.
Unsurprisingly the number of unemployed people also fell. There were 121,000 fewer than in the previous period, while 383,000 more people were no longer out of work compared to last year.
Average wages have gone up across the country by 0.3%, or 0.7% including bonuses. This is unfortunately against a rise in inflation of 1.9% as real wages drop again.
Another rise in those registered as self-employed was also seen. The total rose by 404,000 to 4.58m. In comparison, the number of employees increased by 552,000 to reach 25.83m.
Regional data was also released, which again showed regional disparity. The East Midlands saw the highest increase in employment with a rise of 2%, while Wales saw their rate drop by 1.9%.
The South East currently has the highest rate of employment with 76.9% of its population in work. Wales has the lowest, sitting at 69.2%.
Image by Flazingo Photos.