In a firmly established recovery businesses are creating full-time jobs

23 Feb 2015 01:58 PM

The recent labour market statistics indicate that the recovery  is now firmly established. The number of people in work has risen again.

Although this growth is slower than that seen earlier in 2014, this is not unreasonable given that the employment rate is now almost back to where it was before the economic crisis began. 

UK employment (000s) Source: ONS 2015, February labour market statistics

Unemployment has also dropped, particularly for those who have been out of work for the longest periods of time. That said, stubbornly high youth unemployment remains a concern.  
And for those in work, real pay - that is the value of a worker’s pay packet in terms of the goods and services it can buy - has been growing. 

More people find jobs with an employer

Data released recently shows, positively, that the number of people in work has continued to rise. 

It’s the fact that more people have been finding work with an employer that has driven the rise in employment.

As we have seen in recent updates, the increase in employees was more than enough to offset the fall in the number of people working for themselves.

Source: ONS 2015, February labour market statistics, October to December 2014 data; claimant count data January 2015 *Aged 16 and over
Headline figures Rate Number (000s) Change on quarter in 000s 
(% change)
Change on year in 000s 
(% change)
Employment* (ILO) 59.7% 30,896 103 (0.3%) 608 (2.0%)
Unemployment (ILO) 5.7% 1,862 -97 (-5.0%) -486 (-20.7%)
Youth unemployment (16-24) 16.2% 740 3 (0.4%) -188 (-20.3%)
Claimant count 2.5% 823.0 -38.6 (-4.5%) (change on Dec) -383.5 (-31.8%)