Unemployment falls by 35,000 to seven year low
Unemployment figures published today were 35,000 lower than the previous quarter, falling to 1.83 million, which is a seven year low.
80% of the two million jobs created in the UK since 2010 have been full time and both youth unemployment and joblessness among older workers are falling. The extra jobs are not confined to the South: unemployment has also fallen in Cumbria over the past five years.
By comparison unemployment rose over Labour's time in office.
Today's Office of National Statistics (ONS) figures also record that the total number in work rose to 31.1 million.
Average pay for employees, excluding bonuses, rose by 2.2% in the first quarter of 2015 compared with a year earlier. Including bonus payments, average pay rose by 1.9% over the same period. The figures mean that regular pay is now growing at its fastest rate for nearly four years.
It is also the seventh month in a row that the rate of regular pay increases has outstripped the prevailing annual rate of inflation, as measured by the consumer prices index.
According to the ONS the employment rate for the first quarter was 73.5%, the highest since records began in 1971.
On the other side of the coin, the unemployment rate (those seeking work who have not found it) fell to 5.5% in the January to March period, the lowest rate since the middle of 2008.
The new Conservative Work and Pensions Minister, Priti Patel, told the BBC that she was pleased by the figures.
"This is a testament to our long-term economic plan, the work the government has been doing with our focus on job creation, creating the right economic conditions for businesses to expand and grow so they can employ people again, so this is very welcome news today," she said.
John Hawksworth, chief economist at PwC, said the British economy had become "an incredible job-creating machine".
"There are also more convincing signs than ever before that this extra demand for labour is causing the market to tighten, pushing up regular pay growth to 2.2%," he said.
"With consumer price inflation stuck at zero, workers are experiencing solid real pay rises for the first time since the recession," he added.
The Institute of Directors (IoD) said it expected real wages to keep on rising.
"Now that the economy is growing, employees are naturally looking for real terms increases in their salaries," said IoD spokesman James Sproule.
"IoD members tell us that they are able to increase wages because of improved corporate performance, meaning these wage increases are sustainable."
80% of the two million jobs created in the UK since 2010 have been full time and both youth unemployment and joblessness among older workers are falling. The extra jobs are not confined to the South: unemployment has also fallen in Cumbria over the past five years.
By comparison unemployment rose over Labour's time in office.
Today's Office of National Statistics (ONS) figures also record that the total number in work rose to 31.1 million.
Average pay for employees, excluding bonuses, rose by 2.2% in the first quarter of 2015 compared with a year earlier. Including bonus payments, average pay rose by 1.9% over the same period. The figures mean that regular pay is now growing at its fastest rate for nearly four years.
It is also the seventh month in a row that the rate of regular pay increases has outstripped the prevailing annual rate of inflation, as measured by the consumer prices index.
According to the ONS the employment rate for the first quarter was 73.5%, the highest since records began in 1971.
On the other side of the coin, the unemployment rate (those seeking work who have not found it) fell to 5.5% in the January to March period, the lowest rate since the middle of 2008.
The new Conservative Work and Pensions Minister, Priti Patel, told the BBC that she was pleased by the figures.
"This is a testament to our long-term economic plan, the work the government has been doing with our focus on job creation, creating the right economic conditions for businesses to expand and grow so they can employ people again, so this is very welcome news today," she said.
John Hawksworth, chief economist at PwC, said the British economy had become "an incredible job-creating machine".
"There are also more convincing signs than ever before that this extra demand for labour is causing the market to tighten, pushing up regular pay growth to 2.2%," he said.
"With consumer price inflation stuck at zero, workers are experiencing solid real pay rises for the first time since the recession," he added.
The Institute of Directors (IoD) said it expected real wages to keep on rising.
"Now that the economy is growing, employees are naturally looking for real terms increases in their salaries," said IoD spokesman James Sproule.
"IoD members tell us that they are able to increase wages because of improved corporate performance, meaning these wage increases are sustainable."
Comments
what a good idea, but how to make it better still? well how about raise the tax free level to someone working full time on minimum wage +£100 per month, and lower the Benefit cap to someone working full time on Min Wage -£100 per month. that would do it.
I know its a labour legacy but you just cant pay the poor to remain poor to buy votes so you can provide for the poor. And you cant help the poor by eliminating the rich. its not logical.
You can help though Harrogate still calls, and though it does not come into play until chapter six, that is how we were forced to play read Flexcit