UNEMPLOYMENT DOWN; WAGES UP

New figures show that in the past year, the unemployment rate has remained at its lowest since 1975 and real wages grew for the fifth consecutive month, helping families keep more money in their pockets.

The Conservative government wants to help people into work by reforming welfare and delivering our modern Industrial Strategy to help create more, better paying jobs across the whole country.

Since 2010 the number of people in work has risen by over 3.3 million and the unemployment rate is at a 43-year low – meaning more people have the security of a job and are able to provide for their families.

Only the Conservatives will continue to take the balanced approach our economy needs, creating jobs and opportunities to help people get on in life and build a better future for themselves and their families.

Key statistics

  • Employment: 32.40 million (up 261,000 over the last year and up by 3.35 million since 2010).
  • Employment rate: 75.5 per cent (up 0.2 points over the past year and up 5.3 points since 2010).
  • Unemployment: 1.36 million (down 95,000 over the past year and down by 1.14 million since 2010).
  • Unemployment rate: 4.0 per cent (down 0.3 points over the past year and down 3.9 points since 2010) – the lowest since 1975.
  • Wages: Average weekly earnings for employees increased by 0.4 per cent in real terms excluding bonuses, compared with a year earlier. With wages rising faster than prices, this means more people have more money in their pockets.
  • Youth unemployment: There are over 451,000 fewer young people out of work since 2010 and the proportion of young people who are unemployed and not in full time education is at a record low of 4.6 per cent.

Other useful statistics:

  • Wages are rising faster than prices – this is good news, but there is more to do. In the last year, regular pay (excluding bonuses) for employees in Great Britain increased by 0.4 percentage points ahead of inflation.
  • The rate of employment is 75.5 per cent, up by 5.3 points since 2010, meaning more people have the security of a regular pay packet.
  • The unemployment rate is 4.0 per cent – the lowest since 1975.
  • The number of workless households is 3.0 million, or 14.3 per cent of all households (down 964,000 and 4.9 points since 2010).
  • Almost 600,000 disabled people have entered work over a four year period (between Q2 2013 and Q2 2017).
  • The employment rate among ethnic minority groups is now at a record high of 65.5 per cent, with 487,000 more people from BME backgrounds in work since 2015. This is 73 per cent of the way towards our target to increase the level of BME employment by 20 per cent by 2020.
  • Vacancies are at a record 833,000 in the three months to August 2018, up 44,000 on the previous year and up by 367,000 since 2010.
  • The number of people working full time is 23.86 million – a joint record high and up by 2.64 million since 2010. 
  • There are now over 1.6 million more women in work since 2010.
  • Youth unemployment has fallen by 48.0 per cent since 2010.
  • The UK has the third highest employment rate in the G7.

It was Labour that left people with fewer jobs and fewer opportunities:

  • The number of unemployed people increased by one million in Labour’s last term in office.
  • Youth unemployment rose by 44 per cent under Labour – meaning young people were not getting the skills they need to get on in life.
  • The number of unemployed women rose by 25 per cent under Labour.
  • The number of households in which no member had ever worked nearly doubled under Labour.
  • No Labour government has ever left office with unemployment lower than when it started. 

Labour would put investment and jobs at risk:

  • Labour have pledged to raise Corporation Tax to 26 per cent by 2020-21 – making it harder for businesses to invest.
  • The IFS say that working people would be hit with lower wages and higher prices by Labour’s tax rises. ‘In the longer term, much of the cost [of tax rises] is likely to be passed to workers through lower wages or consumers through higher prices’.