Britain’s unemployment rate is continuing to fall, with the latest Office for National Statistics (ONS) figures showing a rate of four per cent, while pay also increased for the six month in a row.
The employment rate now stands at 75.5 per cent, with more than 3.3 million more people in work since 2010 and youth unemployment at a record low. Meanwhile, regular wages rose by 2.9 per cent in July, or 0.5 per cent against CPIH (Consumer Prices Index including owner occupiers' housing costs) inflation.
“With unemployment rate still at its lowest level in 43 years, it is good to see that for the sixth month in a row wages have grown faster than inflation, helping to put more money in people’s pockets. In the last quarter regular pay is up by 2.9 per cent, 0.5 per cent above inflation,” said Minister of State for Employment Alok Sharma.
“Households across the country are benefiting from the security of being in work, and with increasing wages and GDP growth of 0.6 per cent last quarter we are delivering an economy that supports working people,” he added.
The ONS figures also revealed that the number of workers aged 50 and over is at a record high of 10.25 million, while female employment is also at a near record high of 71 per cent.
