Another record high for UK employment

The UK’s employment rate has hit a record high, rising to 74.1 per cent.

The Department for Work and Pensions has highlighted that there are now 31.4 million people in work in the UK. The number is up 521,000 compared to the same time last year and has been fuelled by a rise in full-time employment. There are also a record 776,000 job vacancies, reflecting a strong growth in the economy.

The unemployment rate has also dipped to 5.1 per cent, the lowest in ten years, while the proportion of young people who have left full time education and are unemployed has fallen to 5.6 per cent, another record low.

Iain Duncan Smith, Secretary of State for Work and Pensions, said: “February is another record-breaking month with the employment rate now at the highest it has ever been and wages continuing to grow.

“At a time when we are seeing the number of workless households at its lowest ever, this is further proof that our economic and welfare reforms are delivering more security and providing opportunities that give families.”

However, Nick Palmer a statistician from the Office for National Statistics (ONS), argued that the growth in earnings was still slow. He said: "While the employment rate continues to hit new highs and there are more job vacancies than ever previously recorded, earnings growth remains subdued and markedly below the recent peak of mid-2015.”