UK Labour Market Statistics, September 2012
- The employment rate for those aged from 16 to 64 was 71.2 per cent, up 0.5 on the quarter. There were 29.56 million people in employment aged 16 and over, up 236,000 on the quarter.
- The unemployment rate was 8.1 per cent of the economically active population, down 0.1 on the quarter. There were 2.59 million unemployed people, down 7,000 on the quarter.
- The inactivity rate for those aged from 16 to 64 was 22.4 per cent, down 0.5 on the quarter. There were 9.01 million economically inactive people aged from 16 to 64, down 181,000 on the quarter.
- Total pay (including bonuses) rose by 1.5 per cent on a year earlier, down 0.3 on the three months to June 2012. Regular pay (excluding bonuses) rose by 1.9 per cent on a year earlier, up 0.1 on the three months to June.
Between March to May 2008, when the number of people in employment reached a pre-recession peak of 29.57 million, and May to July 2012:
- the number of people in full-time employment fell by 640,000
- the number of people in part-time employment increased by 628,000
- the number of unemployed people increased by 978,000
- the number of economically inactive people, aged from 16 to 64, fell by 60,000.
UK unemployment: what the economists say
The latest job market figures are once again encouraging, and support our belief that the UK economy has returned to positive growth in the third quarter. Employment is up, unemployment and the claimant count are down, and the rate of inactivity is at its lowest since 1991. These figures will no doubt raise more questions about the accuracy of the latest GDP figures, which show three consecutive quarters of negative growth.
Despite this positive news, there are still some areas of concern. The number of people forced to work part-time because they cannot find a full-time job has reached a new high, and there are still too many young people unemployed. More deficit cuts in the coming months mean there will be a further reduction in public sector employment, although it is reassuring to see that the private sector is willing and able to create new jobs.
Overall, it is clear that growth is still too weak, and problems in the eurozone will continue to put pressure on our exporters. The government must build on the positive job figures by implementing more policies that allow businesses to deliver growth. An effective growth strategy should include further deregulation, increased infrastructure spending and the creation of a British Business Bank…
via UK unemployment: what the economists say