This week's June 2015 release which focuses on the period from February to April 2015 shows relatively good news for the economy with a continuing rise in employment, particularly in full time work, and a decline in unemployment. The statistics also show a rise in employee pay of 2.7%. This in addition to low inflation is positive news, however further investment is needed in up-skilling the workforce in order to boost productivity and sustain growth.
The key points of the June Labour Market Statistics are detailed below:
- Comparing the estimates for February to April 2015 with those for the 3 months to January 2015, employment continued to rise and unemployment continued to fall. These changes maintain the general direction of movement since late 2011 to early 2012.
- There were 31.05 million people in work, 114,000 more than for the 3 months to January 2015 and 424,000 more than for a year earlier.
- There were 22.74 million people working full-time, 362,000 more than for a year earlier. There were 8.31 million people working part-time, 63,000 more than for a year earlier.
- The proportion of people aged from 16 to 64 in work (the employment rate) was 73.4%, up slightly from the 3 months to January 2015 (73.3%) and higher than a year earlier (72.7%).
- There were 1.81 million unemployed people. This was 43,000 fewer than for the 3 months to January 2015 and 349,000 fewer than for a year earlier.
- There were 9.02 million people aged from 16 to 64 who were out of work and not seeking or available to work (known as economically inactive), 10,000 fewer than for the 3 months to January 2015 but 60,000 more than for a year earlier.
- Comparing February to April 2015 with a year earlier, pay for employees in Great Britain increased by 2.7% both including and excluding bonuses.
Source: Office for National Statistics, 2015.
Tags: Economy, Skills and Employment