It has been reported today that unemployment is currently at its lowest level since the June and August period of 1975. Unemployment is currently at a 42-year low of 4.6%. There is now a reported 31.95 million people in employment.
Since the previous month, employment has risen by 112,000, with 91,000 of these workers securing full time jobs, and 21,000 gaining part time jobs. (telegraph.co.uk) The Office for National Statistics (ONS) saying, “The unemployment rate for those aged from 16 to 24 has been consistently higher than that for older age groups.” (BBC) In relation to gender, over 79% of men between the ages of 16-64 were in work, compared to just over 70% of women within the same age category.
It has been recorded that there are now more job vacancies than ever before, with the February to April period seeing around 777,000 job advertisements.
With the unemployment rate now being at 4.6%, the Bank of England had hoped to see a pay increase when it reached 4.5%, but there is currently little sign of this happening just yet.
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