Unemployment Lowest Since 2008

Unemployment continues to fall and employment continues to rise when the figures for May to July are compared with those for February to April 2014.

The unemployment rate fell to 6.2% for May to July the lowest since late 2008. There were 8.93m people out of work and economically inactive, 114,000 more than for February to April but 31,000 less than a year earlier. The economic inactivity rate was 22.3%. There were 30.61m people in work, 74,000 more than in February to April. The employment rate was 73%.

In July, average weekly regular pay (excl. bonuses) was £450/week before tax and insurance and average total pay (incl. bonuses) was £478/week before tax and insurance.

Unemployment Down 0.5%

The percentage of economically active people unemployed from September to November 2013, known as the unemployment rate, was 7.1%. It is 0.5% lower than from June to August 2013 and down 0.6% from 2012. There were 2.32m unemployed people aged over 16, 167,000 less than June to August and 172,000 down over the year. The employment rate was 72.1% equal to 30.15m people.

There were 8.93m economically inactive people, down 22,000. The economic inactivity rate was 22.2% down 0.1% on June to August and 0.2% on the year.

There were pay rises in both total pay and regular pay of 0.9% compared with September to November 2012. Average weekly earnings were £475/week including bonuses and £447/week excluding bonuses.

Fall In Unemployment Of 0.2%

The unemployment rate for July to September was 7.6% down 0.2% from April to June 2013 according to figures from the ONS. There were 2.47m people unemployed down 48,000 from April to June and from a year earlier. There were 378,000 more people in employment and 149,000 fewer economically inactive people.

In terms of public and private employment, there were 5.67m people employed in the public sector (19%) and 24.17m people employed in the private sector (81%). There were 1.55m people employed in the NHS, 1.08m people employed in public administration, 1.48m people employed in education and 433,000 people employed in HM Forces.

There were 32.49 workforce jobs (filled jobs) in the economy in June 2013. There were 545,000 job vacancies for August to October 2013. There were 2 vacancies for every 100 employee jobs for August to October 2013.

Total pay averaged £475/week and regular pay was £447/week in September 2013 and between July and September 2013 total pay rose by 0.7% and regular pay by 0.8%.

By duration of unemployment 1.15m people have been unemployed for up to six months and 458,000 have been unemployed for over 2 years up 16,000 over the year.

Highest Employment Level Ever

The level of employment has never been higher according to a statistical bulletin from the ONS. The latest labour market figures suggest that at 29.73m the employment level has never been higher (comparable data began in Jan-Mar 1971). The employment rate was up 0.3% points on July to 71.5% and 1.1% on a year earlier.

The unemployment rate was 7.8% of the economically active population with 2.5m people out of work. The inactivity rate was 22.3% or 8.98m economically inactive people.

Total pay was up by 1.4% compared with October to December 2011 to £472/week and regular pay was £445/week up by 1.3%.

Unemployment Down In October

The unemployment rate fell to 7.8% in October, a fall of 0.2% on May to July. The employment rate (16-64) was 71.2% up 0.1% on May to July. The number of unemployed was 2.51m, down 82,000 on the three monthly comparison and 128,000 on the year. The inactivity rate was 22.6%, or an economically inactive population of 9.07m (16-64) up 60,000 on the three months previous but down 249,000 on last year. There were 489,000 job vacancies for September to November 2012 or 1.8 vacancies per 100 employee jobs. In terms of duration, 1.16m people had been unemployed for up to 6 months, 442,000 people had been unemployed for between 6 and 12 months and 904,000 had been unemployed for over 1 year and 449,000 people had been unemployed for over 2 years. Total hours worked amounted to 949m for August to October 2012 and average weekly hours worked were 32.1. Earnings or payment for work done before tax and other deductions averaged (incl. bonuses) £471/week total pay and £443/week regular pay. The number of employees reached 25.12m, the self-employed totalled 4.2m, unpaid family workers reached 111,000 and the number of people on government schemes totalled 171,000.