Job are being created in the UK at a significant rate, with a record-breaking 30.15 million British people now in work, the Department for Work and Pensions (DWP) revealed on Wednesday.
The DWP reported that figures published by the Office for National Statistics in its Labour Force Survey, which covers September to November 2013, show that the number of employed people in the UK rose by 280,000 in the quarter. The figures also revealed that the number of young people in work was up by 77,000 in the period covered. The employment rate now stands at 72.1%, up 0.5 points on the quarter and up 0.7 points on the year.
There was also a drop of 167,000 in unemployment figures during the last quarter; reportedly the largest quarterly fall since August to October 1997. The UK unemployment rate is now 7.1%. Significantly fewer people were claiming Jobseeker’s Allowance and the number of young people claiming Jobseeker’s Allowance fell for the 19th consecutive month, with youth unemployment dropping by 39,000 in the quarter.
The unemployment rate of 7.1% is nearing the point at which the Bank of England has said it will consider raising interest rates from 0.5%. The Governor of the Bank of England has been reported as saying that interest rates may possibly rise when unemployment figures stand at 7%.
According to the ONS Labour Force Survey data, full-time employment in the UK rose 220,000 in the period and part-time employment increased by 59,000. The number of part-time workers who were unable to find full-time employment also fell by 12,000.
Unemployment figures for those who have been out of work for over a year also dropped by 61,000 in September to November 2013. However, there were nearly 570,000 job vacancies between October to December 2013, an increase of 75,000 from the same period in 2012.