You are here: Home - Household Bills - News -

Record number of people in employment

Written by: Paloma Kubiak
The number of people in work has increased since the start of the year, bringing the total to the three months to June 2016 to a record high, official statistics reveal.

There were 31.75 million people in employment in the UK between April and June, 172,000 more than for the previous quarter and 606,000 more than the same period last year, the Office for National Statistics (ONS) revealed.

This number was split between 23.22 million people working full-time (374,000 more than a year earlier), while 8.53 million were recorded as working part-time (231,000 more than in 2015).

Overall, the ONS said the employment rate – those aged 16 to 64 in work – stood at 74.5% which is the highest since comparable records began in 1971.

The figures reveal that the number of unemployed people and those not working or not seeking employment also fell.

There were 1.64 million unemployed people in Q2, 52,000 fewer than for January to March 2016, 207,000 fewer than a year earlier. It’s also the lowest since March to May 2008.

More men were unemployed than woman, 890,000 and 750,000 respectively and overall, the unemployment rate was 4.9%, down from 5.6% for a year earlier. The last time it was lower was between July to September 2005.

Average weekly earnings (not adjusted for inflation) for employees in Britain also increased by 2.4% including bonuses and by 2.3% excluding bonuses compared with a year earlier.

Ben Brettell, senior economist at Hargreaves Lansdown, said Brexit-related uncertainty was expected to hit employment, and consensus forecasts were for a 9,500 rise in the number of people claiming out-of-work benefits in July.

But as the figure fell by 8,600, it’s a “clear indication that the labour market held up well in the aftermath of the referendum”.

He said: “Today’s unemployment and wage growth numbers from the ONS cover the three months to the end of June, and as such reflect pre-referendum conditions. Nevertheless, signs here are also encouraging, with unemployment remaining at an 11-year low of 4.9% and wage growth ticking up slightly to 2.4% year-on-year.

“The post-referendum reality will gradually become clear over the next few months. The dramatic fall in confidence may not ultimately be borne out by activity, and today’s claimant count number is a tentative sign that things might not turn out as bad as many predicted.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Coronavirus and your finances: what help can you get?

News and updates on everything to do with coronavirus and your personal finances.

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
first-time buyers
Interest rate cut to delay first time buyer purchases

Almost a fifth of wannabe homeowners will struggle to build up enough of a deposit to get on the housing...