Unemployment remains at 40-year low
Official figures show that unemployment has remained at 4.3%, the lowest rate since 1975
Department for Work and Pensions – Source: ONS, November 2017, stats relate to period July to September 2017
Increases in full-time and permanent work are behind the figures. In the last year the number of people on zero hours contracts has fallen by 20,000.
The Minister for Employment, Damian Hinds said the following:
“The strength of the economy is driving an increase in full-time, permanent jobs and a near-record number of people are now in work thanks to the government’s welfare reforms.
“When unemployment fell to 5% early last year, many people thought it couldn’t get much lower, and yet it now stands at 4.3%.
“Everyone should be given the opportunity to find work and enjoy the stability of a regular pay packet. We’ve cut income tax for 30 million people since 2010, meaning people keep more of their money each month.”
- The number of people in employment has increased by more than 3 million since 2010
- The UK has the third highest employment rate
- The number of workers aged 50+ has almost reached 10 million – a record level
- Youth unemployment has fallen by over 40% since 2010
- There are a near record 780,000 vacancies in the economy at any one time
- The proportion of young people who are unemployed and not in full-time education remains below 5%
Separate figures out show there are 630,000 people on Universal Credit, with 40% in employment.