Wednesday, October 16, 2013
Employment strong, pay very weak
Posted by David Smith at 09:40 AM
Category: Thoughts and responses

These are the highlights of the latest labour markets statistics:

- The employment rate for those aged from 16 to 64 was 71.7%, up 0.3 percentage points from March to May 2013 and up 0.4 from a year earlier. There were 29.87 million people in employment aged 16 and over, up 155,000 from March to May 2013 and up 279,000 from a year earlier.

- The unemployment rate was 7.7% of the economically active population, down 0.1 percentage points from March to May 2013 and down 0.2 percentage points from a year earlier. There were 2.49 million unemployed people aged 16 and over, down 18,000 from March to May 2013 and down 40,000 from a year earlier.

- The inactivity rate for those aged from 16 to 64 was 22.2%, down 0.2 percentage points from March to May 2013 and down 0.3 percentage points from a year earlier. There were 8.95 million economically inactive people aged from 16 to 64, down 83,000 from March to May 2013 and down 88,000 from a year earlier.

- Total pay rose by 0.7% compared with June to August 2012. Regular pay rose by 0.8% over the same period.

The big picture is that employment growth continues strong, that the unemployment rate is still some way from the Bank of England's 7% threshold and that pay is strikingly weak. The latest figures, indeed, show falling pay in the public sector. More here.