The latest data from the Office for National Statistics (ONS) for November 2016 to January 2017 have revealed that unemployment fell to a 32-year low of 4.7%.
The figures also show that there were 305,000 more people in work in the three months to February than was the case at the same point last year. Employment continues to run at a record high rate of 74.6%, with 31.85 million people in work – an increase of 315,000 on the previous year and more than 2.8 million since 2010.
The self-employed population grew by 148,000, creating more new jobs than the employee population, which grew by 144,000.
IPSE, the Association of Independent Professionals and the Self Employed, has responded to the latest statistics. Lorence Nye, IPSE Economic Policy Adviser, said: “Self-employment remains an absolutely crucial catalyst for the continued strength of the UK labour market as today’s figures show.
“In the past year, the self-employed population accounted for more new jobs in our economy than employee roles. The self-employed have been more than pulling their weight since the recession of 2008, accounting for 40% of the total growth in employment.”
Meanwhile, the figures also reveal that there are around 760,000 vacancies in the economy at any one time.
The Recruitment & Employment Confederation (REC) Chief Executive, Kevin Green, said: “The UK jobs market has broken records again, with the employment rate reaching 74.6%. The number of people entering work has accelerated, with 92,000 more jobs created between November and January. Unemployment is at the lowest since the mid-1970s.
“Despite pay growth slowing to 2.2%, REC data shows that starting salaries have risen in the first quarter of 2017. Employers are boosting pay offers to compete for the limited talent available. Whilst this is good news for individuals looking to move jobs, hirers are concerned about how they can sustain higher starting salaries – there’s only so much they can do to find people to fill jobs.”