The UK Department of Work and Pensions announced today that employment has risen to a record high of 31.4 million people. This is up over half a million compared to the same time last year. Unemployment is down to the lowest rate this decade at 5.1%. The UK government, not surprisingly is very up-beat about the statistics. Secretary of State for Work and Pensions Iain Duncan Smith said: “February is another record-breaking month with the employment rate now at the highest it has ever been and wages continuing to grow. At a time when we are seeing the number of workless households at its lowest ever, this is further proof that our economic and welfare reforms are delivering more security and providing opportunities that give families the best chance in life.”
However, the Office for National Statistics (ONS) seem to have taken a more cautious view. ONS statistician Nick Palmer believes that growth in people’s earnings was still slow, he said “While the employment rate continues to hit new highs and there are more job vacancies than ever previously recorded, earnings growth remains subdued and markedly below the recent peak of mid-2015.”
Nevertheless, the number of people in work in the UK has risen and this must be seen as a good thing. The trend appears to be similar in other parts of the world. In the USA there has been a rise in employment, but it has slowed somewhat as compared to last month. In the Eurozone, unemployment dropped in December to its lowest rate in more than four years, despite worries about the global economy.
