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Record employment rate is great news for limited company contractors

On the 15th of February, the Office of National Statistics issued its Labour Market Statistics Report, and the stats are pretty impressive right across the board. Making it clear that the economy is in better shape that might have been expected – and laying the foundations for all types of workers to succeed and develop […]

By Beverley Da Silva on 27 Feb 2017
Read time: 2 minutes

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On the 15th of February, the Office of National Statistics issued its Labour Market Statistics Report, and the stats are pretty impressive right across the board. Making it clear that the economy is in better shape that might have been expected – and laying the foundations for all types of workers to succeed and develop in 2017.

The headline statistics is that the employment rate is at its highest level since 1971, when records began – a very positive 74.6% – which is an increase of more than 300,000 since the same time last year. Meanwhile, looking at women specifically, a record 70% are now in work, which is great to see. In fact, unemployment across the board is at the lowest rate since 2006, at just 4.8% – some 900,000 lower than in 2010.

Other stats also released as part of the report show that the number of people in full time work has risen by 218,000 since this time last year, while the average wage increased by 2.6% in the same timeframe. People claiming benefits are at the lowest rate since 1947 – just 2.1% of the population – which is 42,000 lower than the previous quarter.

It was also great to see that the number of disabled people who are now in work has grown by 594,000 over the last three years, and that the number of unemployed young people has dropped to 12.6% – the lowest percentage for 12 years.

Commenting on these new statistics, Secretary of State Damian Green said, “With employment at its highest rate since records began, and unemployment at its lowest in over a decade, we remain in a position of strength. Our ongoing welfare reforms will continue to incentivise work and make sure the system is fair to all those who need it and those who pay for it. With youth unemployment down, women in work at record levels and number of disabled people in work increasing too, we’re delivering on our pledge to build a country that works for everyone.”

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