Employment Statistics Update

Providing more good jobs for Norwich is part of Chloe’s 6 priorities for Norwich North. In her absence whilst she is on maternity leave, her office is pleased to share the following information with you.

 

New figures released last recently by the Office for National Statistics show the economy is continuing to grow, with wages growing faster than inflation for the 15^th month in a row and unemployment continuing to fall to a historic low. This is important as it means more pay packets are being received and these are going further allowing families to keep more of their own money and spend it on the things that are most important to them.

 

The key information the figures show is that;

 

·         Unemployment remains at its lowest rate since 1974, with employment up 357,000 over the last year, and 3.7 million since 2010.

·         Employment rate is 76.1 per cent (up 0.5 points over the past year and up 5.9 points since 2010).

·         There are 458,000 fewer young people out of work since 2010 and rate of women in work is at a record high.

·         Wages have increased by 3.4 per cent compared with a year earlier meaning people have more money in their pocket.

·         Almost 80 per cent of the 3.7 million jobs created since 2010 have been in full-time employment giving people stability, whilst making sure that people who want to still have the flexibility to suit their lives.

 

It is important to remember that behind each employment figure is a person whose self-esteem, mental wellbeing, economic independence and life chances are all vastly improved by being in the workplace. However, the Government accepts there is more work that must be done which is where the modern industrial strategy will be used to create more, higher-paying jobs.

 

Employment Minister Alok Sharma said:

“Once again we see more people in work than ever before; 3.7 million more since 2010. A testament to the government’s support for employers and jobseekers on a day where we also mark that 2 million claimants are now being supported through Universal Credit.

“With wage growth increasing pace on last month, outstripping inflation for the 15th month in a row, and record high female employment – the government’s focus on pro-business policies and balanced economic management is delivering opportunity for all.

“As we celebrate the UK’s powerhouse digital sector in London Tech Week, we also see almost 100,000 more people in digital jobs in the last year alone.”