In the same period, employment rose by 212.000 to 29.59 million, which is the highest figure since records began in 1971. This was partly due to a rise in self-employment, which increased by 35,000 to 4.2 million and to part-time work, which hit a record high of 8.13 million, although around 1.4 million of these people would prefer to work full-time but cannot find a job.
However, the rise in employment was mainly due to jobs created in the private sector, with half a million jobs being created in the quarter.
In fact, the Government was quick to point out that since it came into power, the number of private sector workers has risen by more than a million.
Youth unemployment also fell to 957,000, the lowest figure in more than a year. The number of women in work is also the highest than at any time since records began.
At the same time, the Bank of England’s agents’ report showed that there had been a change in the hiring strategies of some firms, which may also benefit younger workers, such as graduates and apprentices. Unfortunately however, the agents’ report also found that it is likely that there will be little job creation in the private sector over the next six months.
The ONS also noted that there were more job opportunities available, with the number of unfilled vacancies at 476,000, up 3,000 on the quarter and 17,000 from the same period last year.
For more information, please contact Glazers, Chartered Accountants London or visit www.glazers.co.uk
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