UK employment rate hits record high of 74%

The latest figures released by the Office for National Statistics have confirmed that there are a record 31.7 million people now in work.

That’s up by 624,000 in the past year and over 2.6 million since 2010. The employment rate in the UK is now at a record high of 74.4%, while the unemployment rate is at its lowest in over 10 years at 4.9%, according to the latest set of figures.

The results also show that the female employment rate is at 69.6%, the highest since records began in 1971, while the proportion of 16–24-year-olds who have left full-time education and are unemployed has never been lower, at 5.6%.

According to the Department for Work and Pensions, the rise in employment continues to be driven by full-time work. Average wages before bonuses grew by 2.2% over the last year.

The Secretary of State for Work and Pensions, Damian Green, commented:

“This remarkable set of figures shows that there are more people in work than at any other point in our history, which is fantastic news as we build a Britain that works for everybody, not just the privileged few. We’ve entered a period of significant change, but when it comes to our jobs market we’re in a position of strength, with over 2.6 million more people in work than there were in 2010, the number of workless households cut to an all-time low, 750,000 vacancies in the economy and wages rising too.”

Leading figures from the recruitment industry have also responded to the results.

Lee Biggins, Founder and MD of CV-Library, said: “It’s positive to see that the job market is still doing well, and the ONS figures complement our own data which highlighted growth in key areas such as education, legal, social care and construction, during this time. While the findings do not cover the period post-Brexit, many have been quick to voice their concerns about what it means for the UK’s economy and the reality is that it’s far too early to speculate.

“There may yet be turbulent times ahead for the UK as we navigate our withdrawal from the EU, but it’s certainly not all doom and gloom and the nation’s job market is standing strong.”

While the Department for Work and Pensions has stated that the rise in employment continues to be driven by full-time work, Julia Kermode, Chief Executive of the Freelancer and Contractor Services Association commented on how the rise in self-employment could also be responsible.

She said: “The ONS figures confirm what we already knew anecdotally, that increasing numbers of people are choosing self-employment and that this workforce is increasingly important to the UK economy. Although the latest figures predate Brexit, we are not aware of any evidence to suggest a dramatic shift since the referendum.”