UK – Employment has not been higher since records began in 1971 and unemployment falls to 2.53 million

The number of people out of work fell by 50,000 to 2.53 million in the three months to August, according to the Office for National Statistics ONS.Employment reached a record high of almost 30 million, while the unemployment rate fell to 7.9%.

The ONS also said the number of people claiming Jobseekers Allowance fell by 4,000 to 1.57 million in September.

The number of people in employment has not been higher since records began in 1971.

The employment rate for those aged from 16 to 64 for the three months to August was 71.3% – which is the highest since April 2009. But the percentage of those in employment is still lower than the peak of 73%, which was recorded in 2008 before the peak of the financial crisis and ensuing recession.

The BBC’s economics editor, Stephanie Flanders, points out that there are also more people in the UK than ever before.

via BBC News – UK unemployment falls to 2.53 million.

ONS – Labour Market Statistics, October 2012

• The employment rate for those aged from 16 to 64 for June to August 2012 was 71.3 per cent, up 0.5 from March to May 2012. There were 29.59 million people in employment aged 16 and over, up 212,000 from March to May 2012.
• The unemployment rate for June to August 2012 was 7.9 per cent of the economically active population, down 0.2 from March to May 2012. There were 2.53 million unemployed people, down 50,000 from March to May 2012.
• The inactivity rate for those aged from 16 to 64 for June to August 2012 was 22.5 per cent, down 0.3 from March to May 2012. There were 9.04 million economically inactive people aged from 16 to 64, down 138,000 from March to May 2012.
• Between June to August 2011 and June to August 2012, total pay (including bonuses) rose by 1.7 per cent and regular pay (excluding bonuses) rose by 2.0 per cent.

via Labour Market Statistics, October 2012.