Unemployment is down 50,000 to 2.53 million, with employment up to nearly 30 million, reports Shamik Das.
The number of people out of work fell by 50,000 to 2.53 million in the three months to August, an unemployment rate of 7.9 per cent, the latest UK labour market statistics (pdf) reveal. (See Graph 1). The figures also show employment reached a record high of almost 30 million.
The headline points in today’s release are:
• The employment rate for those aged from 16 to 64 was 71.3 per cent, up 0.5 on March to May 2012 and up 0.9 on a year earlier. There were 29.59 million people in employment aged 16 and over, up 212,000 on March to May 2012 and up 510,000 on a year earlier;
• The unemployment rate was 7.9 per cent of the economically active population, down 0.2 on March to May 2012 and down 0.3 on a year earlier. There were 2.53 million unemployed people, down 50,000 on March to May 2012 and on a year earlier;
• The inactivity rate for those aged from 16 to 64 was 22.5 per cent, down 0.3 on March to May 2012 and down 0.8 on a year earlier. There were 9.04 million economically inactive people aged from 16 to 64, down 138,000 on March to May 2012 and down 314,000 on a year earlier;
• Total pay (including bonuses) rose by 1.7 per cent on a year earlier, up 0.1 from May to July 2012. Regular pay (excluding bonuses) rose by 2.0 per cent on a year earlier, up 0.1 from May to July.
We will have more detailed analysis of today’s labour market stats from Duncan Weldon later today on Left Foot Forward.Like this article? Sign up to Left Foot Forward's weekday email for the latest progressive news and comment - and support campaigning journalism by becoming a Left Foot Forward Supporter today.