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Employment levels at record high with 29.3 million Brits in work
Last updated at 01:22am on 13.12.07
The total number of jobs in the UK has reached a record high
As life expectancy increases, more older people than ever before have decided to prolong their careers.
That has pushed total employment to 29.3million - the highest level since records began in 1971.
However, their return to work has had no impact on unemployment figures, which cover only those of working age.
Despite the credit crunch, the economy is still expanding. Some 114,000 people joined the workforce in the three months to October, according to the latest labour statistics from the National Audit Office.
The unemployment rate fell 0.2 points to 5.3 per cent, pushing the claimant count down to a 22-year low of 813,000.
Experts had predicted a slowdown in the labour market because of wobbles in the global financial system.
But falling house prices and the Northern Rock fiasco have not - for now - caused much anxiety among employers.
Lloyds-TSB economist Jeavon Lolay said the figures are encouraging.
"This suggests that the economy is robust and the credit crisis hasn't had a severe impact," he added.
The figures released yesterday also showed there is little sign of ageism in the labour markets. The number of pensioners in either full or parttime employment jumped to a 15-year high of 11.3 per cent.
One in eight women decided to remain in work past their 60th birthday, while one in ten men is now working past 65.
However, Britain's beleaguered manufacturing sector could take no comfort from the unexpectedly strong employment figures.
The country which was the cradle of the Industrial Revolution now boasts just 2.91million factory jobs.
The 1.3 per cent drop pushed the manufacturing workforce to its lowest level since 1978.
But strong growth in service sector jobs offset the continued decline in UK industry.
That fuelled a 63,000 jump in the total number of jobs available, which is now at an alltime high of 31.6million.
But the strength of the jobs market did not translate into higher wages across Britain. The growth in average earnings fell by 0.1 points to 4 per cent.
The latest employment figures will make it harder for the Bank of England to cut interest rates again early next year.
Its bosses will be mindful that, with employment at a record high, any fall in borrowing costs could stoke inflation.
Reader views (6)
In October last year I decided to take early retirement at 54 on one of
the old real company pensions, as I felt the public body that I was working for had nothing left to offer me.
Why should I look for another job, it will (I expect) only give me the same aggravation that I retired from.
However I do think I still have a lot to offer the world of work, that's why I am a full time voulenteer for a charity.
- Gerry, Chatham KENT UK
No more Nu Labor vote handouts!
- Jacqueline, Hampstead, London
Long-term sickness benefits are a disgrace. My modern, riverside development is full of people claiming sickness benefits.
One property developer is "on the sick" and claims housing benefit for each flat he does up himself (owned by his girlfriend), others in their 30s who are also "on the sick" can be found working out in the gym during the day.
The benefits cheat investigators turn up and ask them "do you use the gym?" so long as you say "no" they have no evidence and go away and let you keep claiming.
- Marc, Hammersmith
The truth behind so called record lows in unemployment is that it seems ever easier to go on the long-term sick. Meanwhile 'job-seekers' allowance does not seem to put much emphasis on the seeking of jobs, just more on the free cash.
- Paul, London
As often stated on this web-site, the answer is blatantly obvious. Reduce benefits to an absolute minimum to survive and make them means tested. It is irksome for hard working taxpayers to meet these people on holiday!
- Roy G, Solihull, England
Is the amount of people that are actually sick or the number of people signed off by doctors, I think the two are different things!
- Stuart, London, UK
