The latest Labour Market Statistics for the period of March to May 2017 have been released.
Estimates from the Labour Force Survey show that there has been an increase in employment by a significant 175,000 and a fall in unemployment by 64,000, making it the lowest statistic of unemployment the country has seen since 1975.
From December 2016 to February 2017 and March to May 2017, the number of people in work increased, the number of unemployed people fell and the number of people aged from 16 to 64 not working and not seeking or available to work (economically inactive) also fell.
Other findings include:
- The employment rate of people aged 16 to 64 is 74.9%, the highest since 1971.
- Latest estimates show that average weekly earnings for employees in Great Britain in nominal terms (that is, not adjusted for price inflation) has increased by 1.8% including bonuses, and by 2.0% excluding bonuses, compared with a year earlier.
- Latest estimates show that average weekly earnings for employees in real terms (adjusted for price inflation) fell by 0.7% including bonuses, and fell by 0.5% excluding bonuses, compared with a year earlier.
UK Employment and the Gender gap.
The UK’s employment statistics have differed from year to year, but how do these new statistics compare to the ongoing topic of gender equality in the workplace?
Looking at employment rates by gender from March to May 2017, 79.5% of males aged 16 to 64 are in work – this statistic has not changed since 1991. However, 70.4% of women aged 16 to 64 are in work, the highest female employment rate since comparable records began in 1971.
This increase in employment for women is partly due to the ongoing changes to the State Pension age for women, resulting in fewer women retiring between aged 60 and 65, as the age to retire is gradually increasing.
So, from March to May 2017, there were 32.01 million people in work, 175,000 more than for December to February 2017 statistics, and 324,000 more than the year earlier.