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Employment Stats – July 2018

July 20, 2018 | By | No Comments

Good afternoon,

I hope everyone has had a good week and is looking forward to the weekend. It will be a quiet one on sport this weekend as the finals took place for Wimbledon and the World Cup last weekend, so can finally get back to some normal TV.

Earlier this week the new employment stats were released for the period of March – May 2018. So for the blog this week, we will be looking into the stats and how much they have changed in the last quarter and against last year’s.

32.4 million people were in work between March and May this year which is 137,000 more than the earlier quarter (Dec 2017 – Feb 2018) and 388,000 more than this time last year. The employment rate has gone up to 75.5% from 73.9% last year which is the highest since comparable records began in 1971.

1.41 million people were unemployed (people not in work but seeking and available to work) between March and May this year which is 12,000 less than for Dec 2017 – Feb 2018, and 84,000 less than a year earlier. The unemployment rate is the joint lowest since 1975 at 4.2% which was down from 4.5% last year.

Figure 1: The graph shows the quarterly and annual changes in the number of people in the UK market.

Source: Labour Force Survey, Office for National Statistics

Looking back to the year 1971 when records began, the employment rate for both Men and Women has changed quite significantly. The employment rate for men has dropped from 92.1% to 80.1%, whilst the employment rate for women has risen from 52.8% up to 71.3%, keeping the percentage for both men and women steady. This can be seen in the graph below.

Figure 2: UK Employment Rates Jan 1971 – May 2018

Source: Labour Force Survey, Office for National Statistics

The latest stats have also shown that the average weekly earnings for employees in Great Britain (adjusted for price inflation) increased since July 2017 by 0.4% excluding bonuses and by 0.2% including bonuses.

Over the past few years the employment rate is rising, along with the unemployment rate declining, which is great to see. Things are going in the right direction and we are seeing more people being in work every quarter. It will be interesting to see if this continues into the next quarter and if they improve going into 2019.

Have a great weekend.

Warm regards,

Sheree

 

Source: https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/employmentandemployeetypes/bulletins/uklabourmarket/latest

 

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