London Employment reaches a record high as wages rise at their fastest pace in a decade

Figures released today show wages have risen at their fastest pace in 10 years as employment reaches a record high, with more than 32.5 million people currently in work.

In London, there are 4,762,142 people in work – meaning 979,003 more people have the security of a job since 2010.

Throughout Lewisham, the number of people who are claiming key out-of-work benefits has fallen by 3,521 since 2010.

These figures show our balanced approach to the economy is working. This is the biggest rise in wages for a decade and with wages rising faster than prices, hard-working people can keep more of what they earn.

Our reforms are helping more people into work – and through our modern Industrial Strategy, we are backing businesses to create more, higher-paying jobs across the whole country.

Amber Rudd, the Work and Pensions Secretary, responded to the latest employment figures, saying:

“More people than ever before have the security of a regular pay packet, wages are continuing to rise faster than prices so people’s pay goes further and we’re working hard to deliver more, higher paying jobs.

“Behind every employment number is a person and a family whose self-esteem, mental wellbeing, economic circumstances and life chances are all vastly improved by being in the workplace, and we’re helping to create a better life for families across the country.

“Labour have proved this week that the only thing they bring to the table is a reckless plan for our economy, and Jeremy Corbyn and John McDonnell would clobber the pockets of families in every corner of our nation.”

Notes

• Wages: Average weekly earnings for employees increased by 3.4 per cent compared with a year earlier.

• Employment: A record high of 32.53 million (up 328,000 over the last year and up by 3.49 million since 2010).

• Employment rate: 75.8 per cent (up 0.4 points over the past year and up 5.5 points since 2010).

• Unemployment: 1.37 million (down 68,000 over the past year and down by 1.14 million since 2010).

• Unemployment rate: A record low of 4.0 per cent (down 0.2 points over the past year and down 3.9 points since 2010) – halving since 2010 (8.0 per cent).

• Youth unemployment: There are over 428,000 fewer young people out of work since 2010 – almost halving since 2010.

• Disabled people: Almost 1 million disabled people (973,000) have entered work since 2013, as we are breaking down the barriers to employment facing disabled people.

(ONS, Labour Market Statistics, 22 January 2019, link).