The independent Office for National Statistics released job statistics this morning which show real wages have grown for the tenth consecutive month, showing that our plan is working and putting more money in people’s pockets.
- We have made good progress on our priorities, delivering on our promises to halve inflation from 11.1 per cent to 3.2 per cent and grow the economy by 0.6 per cent in the first quarter of 2024. Today’s statistics show that real wages have grown again for the tenth month in a row, with regular wages growing by 6.0 per cent in the past quarter, outpacing inflation at 3.2 per cent. It also shows there are nearly four million more people in work since 2010 and economic inactivity lower than any point under the last Labour government.
- Whilst there is more to do, today’s news shows we must stick to the plan. Inflation down. Wages up. Unemployment down. Growth up. Taxes cut. The risk to our progress is Keir Starmer and the Labour Party who can’t say what they would do because they don’t have a plan. That means they’d do what Labour always do and increase unemployment and tax you more. This would take the country back to square one.
Key statistics:
- Earnings: Real wages have increased for the tenth month in a row.
- Employment: There are almost 33 million people in work in the UK (up by nearly 4 million since 2010).
- Employment rate: Near record highs at 74.5 per cent (up by 4.2 points since 2010).
- Economic inactivity: Down 1.5 points since 2010 and below any point under the last Labour Government.
- Unemployment: The number of people in unemployment has fallen by over 1 million people since 2010, down to 1.4 million people.
- Unemployment rate: The unemployment rate is 4.4 per cent (down by 3.7 points since 2010) – near record lows.
- Wages: Regular pay is continuing to grow and outpace inflation (up 6.0 per cent in January to March 2024). This is above the inflation rate of 3.2 per cent.
- Youth unemployment: Youth unemployment is down with almost 400,000 fewer unemployed young people since 2010.
Other useful statistics:
- There are 30.2 million people in payrolled employment, up by 129,000 more people in the past year and up by over 1.2 million more people since the beginning of the pandemic.
- Vacancies recorded a fall in February to April 2024, the 22nd consecutive fall.
- Annual growth in total earnings (excluding bonuses) in Great Britain was 6.0 per cent in January to March 2024, and annual growth in employees’ average regular earnings (including bonuses) was 5.7 per cent.
- The UK’s employment rate is higher than France, Italy and the US.
- The UK’s unemployment rate is lower than Canada, France and Italy.
- The female employment rate is at 71.6 per cent – a 6.1 per cent increase from when Labour left office in 2010 and higher than at any point under the last Labour government.
- There were 5.1 million disabled people in employment in 2023 (an increase of 320,000 on the year and 2.2 million since 2013).
- We have increased the National Living Wage to record levels, delivering a 9.8 per cent increase to the NLW benefiting 2.7 million workers and boosting the pay of a full-time worker on the NLW by over £1,800 (a 35 per cent real terms increase in take home pay for a full-time National Living Wage worker since 2010).
Labour left people with fewer jobs and fewer opportunities:
- No Labour government has ever left office with unemployment lower than when it started.
- The number of unemployed people increased by one million in Labour’s last term in office.
- Youth unemployment rose by 44 per cent under Labour – meaning young people were not getting the skills they need to get on in life.
- The number of women unemployed rose by 25 per cent under Labour.
- The number of households where no member had ever worked nearly doubled under Labour.
