Official figures show that unemployment has remained at 4.3 per cent, the lowest rate since 1975.
The figures, released by the Office for National Statistics, also show that employment remains at a near record high, with 32 million people in work.
Increases in full-time and permanent work are behind the figures. In the last year the number of people on zero hours contracts has fallen by 20,000.
Minister for Employment, Damian Hinds said:
The strength of the economy is driving an increase in full-time, permanent jobs and a near-record number of people are now in work thanks to the government’s welfare reforms.
When unemployment fell to 5 per cent early last year, many people thought it couldn’t get much lower, and yet it now stands at 4.3 per cent.
Everyone should be given the opportunity to find work and enjoy the stability of a regular pay packet. We’ve cut income tax for 30 million people since 2010, meaning people keep more of their money each month.
Today’s employment figures also show that the number of people in employment has increased by more than 3 million since 2010.
The UK has the third highest employment rate in the G7 and the number of workers aged 50+ has almost reached 10 million – a record level
Youth unemployment has fallen by over 40 per cent since 2010 and there are a near record 780,000 vacancies in the economy at any one time
The proportion of young people who are unemployed and not in full time education remains below 5 per cent
Doug Monro, co-founder of Adzuna comments:
“Just in time for Christmas, jobseekers and employees are beginning to see UK wages pick up speed. Average weekly earnings for employees increasing by 2.2 per cent shows the tide is turning on salaries. In keeping with a low unemployment and steady inflation rate, there is festive cheer being spread among the labour market as pay rises have become a priority to boost productivity and staff morale. Christmas has come early for train drivers in particular, following reports they have agreed a 28 per cent pay rise to end Southern Rail strikes.
“We hope to see this ripple effect spread throughout the labour market as strong demand for fairer pay packages mounts, following Living Wage Week recently. With rising food prices still lagging behind salaries, household incomes will continue to be squeezed at present, but we hope to see the gap shrink in the coming year.”
David Clift, HR Director, totaljobs added:
Today’s news marks the latest impressive landmark for employment figures, which have remained stable throughout a year largely defined by uncertainty.
Not since 1975 when Margaret Thatcher defeated Edward Heath for the leadership of the Conservative Party have unemployment figures been lower.
Data from totaljobs has found that a number of industries are continuing to perform strongly, with the healthcare seeing a 7 per cent month on month increase in job postings.
Rarely a day seems to go by at the moment without a major news event threatening stability on the domestic or global stage. However, if 2017 has been a year where few things have remained consistent, one thing we have learnt is that the job market is able to withstand such external pressures.
