- UK employment has reached a record high with 32.21 million people in work, representing an employment rate of 75.3%.
- UK unemployment remains at a joint record low of 4.3%.
- Average earnings have increased by 2.4% – staying below inflation.
According to the latest data from the Office of National Statistics (ONS), the total number of people employed in the UK has reached a record high, with 32.21 million people in work during the three months to November 2017.
The ONS release stated “Latest estimates from the Labour Force Survey show that there were 32.21 million people in work in the three months to November 2017, which is 415,000 more than for the same period a year earlier and 102,000 more than the previous quarter.”
This resulted in an overall employment rate of 75.3% – this being a joint record high since records began, in 1971.
Other encouraging news includes average earnings increasing by 2.4% over the data period (which when taking bonuses into account this increases to 2.5%) – the ONS confirming that both figures are better than expected.
However the increased earnings remains below the UK’s Consumer Price Index (CPI), with inflation at 3%, meaning that whilst wages are increasing, this is below the rate of inflation and therefore workers are experiencing a decline in their real wages.