Number of People Employed Reaches Record High

Findings from the Quarterly National Accounts (QNA) issued by ONS today illustrate the labour market has been more resilient than output throughout the economic downturn and subsequent recovery, with the level of employment and total weekly hours both above their pre-downturn peaks.

Summary relating to the recruitment market

  • Compensation of employees (CoE) – which includes both wages and salaries, pension and other employers’ contributions – grew by 0.3% in the fourth quarter of 2013. This is the thirteenth successive quarterly increase. On an annual basis CoE grew by 3.2%, the highest annual growth rate since 2007. Gross operating surplus grew by 5.4% in Q4 2013 compared with the previous quarter.
  • The labour market has been more resilient than output throughout the economic downturn and subsequent recovery, with the level of employment and total weekly hours both above their pre-downturn peaks. Growth in GDP in Q4 2013 was accompanied by further advances in the labour market, with the number of people over 16 and in employment reaching a record high of 30.1 million. This represents an increase of 193,000 in the quarter and 396,000 over the previous year.
  • The UK employment rate continued to rise, increasing by 0.3 percentage points to 72.1% of the population of working age. However because the population has continued to grow, this is still 0.9 percentage points lower than at the pre-downturn peak.
  • In October to December, the unemployment rate fell 0.4 percentage point to 7.2%, while total weekly hours increased for the tenth successive period to reach 966.8 million hours.

You can read the full bulletin via the ONS website.

Source: Office for National Statistics

Steve Bebbington
Client Partner
enquiries@jobstheword.co.uk
0207 193 0220

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