Figures released this week show unemployment has remained at its lowest rate in more than four decades. Meanwhile, youth unemployment has fallen to its lowest rate since records began.
Latest figures also show wages are continuing to rise faster than prices, helping families keep more money in their pockets.
Employment has increased across the South West with 2,788,552 people in work, an increase of 294,552 more people in work since 2010.
Torbay’s MP Kevin Foster has particularly welcomed the new figures which show in Torquay and Paignton, the number of people who are unemployed has fallen by 1,081 (47%) since 2010.
The figures also confirmed the number unemployed in Torquay and Paignton in August 2018 was 1,200, a drop of 35 (3%) compared to August 2015. The roll out of Universal Credit to Torquay Job Centre Plus on 5th September 2018 may see a rise in the claimant count in future monthly figures that does not reflect a worsening of the local labour market.
Kevin said: “These latest figures are welcome signs of our economy continuing to grow and create jobs. Projects like the Torwood Street Regeneration and plans for the first brand-new major Hotel on Paignton Seafront in decades will create more jobs, helping get more people off welfare and into work.”
He added: “It is also welcome to note wages are continuing to rise faster than prices, meaning pay packets can go further.”
- Employment: 32.40 million (up 261,000 over the last year and up by 3.35 million since 2010).
- Employment rate: 75.5 per cent (up 0.2 points over the past year and up 5.3 points since 2010).
- Unemployment: 1.36 million (down 95,000 over the past year and down by 1.14 million since 2010).
- Unemployment rate: 4.0 per cent (down 0.3 points over the past year and down 3.9 points since 2010) – the lowest since 1975.
- Wages: Latest figures show that average weekly earnings for employees in real terms increased by 0.4 per cent excluding bonuses, compared with a year earlier. With wages rising faster than prices, this means more people have more money in their pockets.
- Youth unemployment: There are over 451,000 fewer young people out of work since 2010 and the proportion of young people who are unemployed and not in full time education is at a record low of 4.6 per cent.
(Labour Market Statistics, 11 September 2018, link).
- On 11 September 2018, constituency claimant count figures for August 2018 were published. The below table is composed of Claimant Count (Jobseekers Allowance and Universal Credit, not in work) available on the nomis website (Nomis, Economically Active time series, accessed 11 September 2018, link).
- Important note on recent movements in the claimant count: Due to the roll-out of Universal Credit, some constituencies may see a rise in the claimant count that does not reflect the worsening of the local labour market. The ONS has indicated that recent movements in the claimant count should therefore be treated with caution.