Private sector growth boosts UK employment rate

Jobs

This month’s Labour Force Survey covering November 2013 to January 2014 has shown that the employment rate in the UK is now the highest recorded for five years at 72.3%, up 0.2 points on the quarter and up 0.7 points on the year, the Department for Work and Pensions reported on Wednesday.

Private sector employment has increased by 1.73 million since 2010 and private sector pay (excluding bonuses) increased by 1.6%, the largest rise since October 2012.

The total of British people currently in work has risen by 1.35 million since 2010. The survey showed that 30.19 million people in work from November 2013 to January 2014. The rate is the highest since 2008 and more than a million people are working full-time. The employment figures also reveal that the number of young people in work increased by 43,000 in the last 3 months.

Claims for Jobseeker’s Allowance (JSA) for February 2014 dropped by over 363,000 on the year, reportedly the largest annual fall since 1998. The number of people who are unemployed fell by 63,000 in the last 3 months and the number of people who have been unemployed for more than a year also fell, by 38,000.

Unemployment figures for young people decreased by 29,000 and has been falling now for the last 6 months.  JSA claims for young people have also dropped over the last 21 months.

The Labour Force Survey also indicates that job vacancies increased by 23,000 in the last 3 months and now stand at 588,000. The vacancy count was recorded from December 2013 to February 2014.

Employment Minister Esther McVey commented:

“We now have the highest employment rate for 5 years, which shows that the growing economy is helping record numbers of people to find a job, turn their lives around and have the security of a regular wage.

“The rise in employment is being fuelled by businesses and entrepreneurs across the country who are feeling increasingly confident with the improving economy. They should be congratulated for creating over 1.7 million private sector jobs since 2010 – that’s over 1,000 more people in private sector jobs every day.”

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