Employment Rate Keeps Rising Year-On-Year

More and more people are getting jobs, which could put pressure on office spaces in major cities like Liverpool, as the latest employment figures show rates keep on rising.

According to the government’s UK Labour Market: October 2018, there has been an increase of 289,000 in the number of people in work over the last year.

This took the total employee figure for the months June to August 2018 to 32.39 million, pushing the employment rate for workers aged 16 to 64 to 75.5 per cent. This is higher in comparison with the same time in 2017 when it was 75.1 per cent.

As a result of this, the unemployment rate was four per cent between June and August this year, which represents the lowest it has been since December 1974 to February 1975.

It is not just the number of people working that has changed over the last year, and the statistics showed wages have increased as well.

Average weekly earnings for UK employees adjusted for price inflation rose by 0.7 per cent excluding bonuses and 0.4 per cent including bonuses over the last year.

This is particularly impressive after the Resolution Foundation revealed 800,000 jobs were saved as the result of a £1 billion weekly pay squeeze since the recession.

Real average earnings dropped by around seven per cent between 2009 and 2014, with some professions experiencing real wage declines of 14.5 per cent.

Senior economic analyst at the Resolution Foundation Stephen Clarke said: “While absorbing the impact of the financial crisis through our pay packets was painful, it did at least share the pain of the crisis and keep unemployment in check.”