Good news on real wages as employment remains high

New figures show that real wages are rising at their fastest pace in nearly ten years and the number of people in work remains historically very high as our economy continues to grow.

The Conservatives are helping people into work by reforming welfare, backing businesses and delivering our modern Industrial Strategy to help create more, better paying jobs across the whole country.

Since 2010 we have helped over 3.3 million more people into work and reduced the number of people who are unemployed by over 1.1 million – meaning more people have the security of a job and are able to provide for their families.

The Conservatives will build a stronger, fairer economy, creating jobs and opportunities to help people get on in life, and a better future for themselves and their families.

Key statistics:
  • Employment: 32.41 million (up 350,000 over the last year and up by 3.36 million since 2010). 
  • Employment rate: 75.5 per cent (up 0.5 points over the past year and up 5.3 points since 2010). 
  • Unemployment: 1.38 million (down 43,000 over the past year and 1.13 million since 2010). 
  • Unemployment rate: 4.1 per cent (down 0.2 points over the past year and 3.9 points since 2010) 
  • The unemployment rate has lmost halved since 2010 when it was 8.0 per cent. 
  • Wages: Average weekly earnings for employees in real terms increased by 0.9 per cent compared with a year earlier. 
  • Youth unemployment: There are over 463,000 fewer young people out of work since 2010 – almost halving since 2010. 
  • Almost 1 million disabled people (973,000) have entered work since 2013. 

Other useful statistics: 
  • Latest data shows that wages increased by 3.2 per cent and continue to rise faster than prices – this is good news, but there is more to do. 
  • Youth unemployment has fallen by 49.3 per cent since 2010. 
  • The number of vacancies is at a record high of 845,000 – up by 379,000 since 2010. 
  • 973,000 disabled people have entered work since Q3 2013, the earliest comparable figure. 
  • The employment rate among ethnic minority groups is now at a record high of 66.9 per cent – we are closer to our target to increase the level of BME employment by 20 per cent by 2020. 
  • 81 per cent of jobs created since 2010 are full-time jobs. 
  • There are nearly 1.6 million more women in work since 2010. 

At the Budget the OBR confirmed Britain’s ‘jobs miracle’ is set to continue: 
  • Employment is expected to be higher than forecast, with 800,000 more jobs forecast to be created by 2023. 
  • This means that since 2010, there will have been 4.2 million new jobs created by British businesses

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