The UK job market has reached a milestone as the unemployment rate has hit a 50-year low at 3.7%. This is the lowest rate since 1974, according to the Office for National Statistics (ONS).
The ONS data shows that the number of people in work has increased by 179,000 in the three months to May, bringing the total number of people in employment to a record high of 32.75 million. This is a positive sign for the UK economy, which has been facing uncertainty due to Brexit.
The employment rate for women has also reached a record high of 72.0%, while the rate for men is 80.2%. The number of people who are economically inactive, meaning they are not working and not looking for work, has also decreased by 47,000 to 8.55 million.
The ONS data also shows that average weekly earnings, including bonuses, increased by 3.4% in the three months to May, which is the highest rate since 2008. This is good news for workers who have been facing stagnant wages for years.
However, there are still concerns about the quality of jobs being created. The number of people in part-time work has increased by 34,000 to 8.52 million, while the number of people in full-time work has decreased by 9,000 to 23.23 million. This suggests that many of the new jobs being created are not full-time positions with benefits.
There are also concerns about the impact of Brexit on the job market. The Bank of England has warned that a no-deal Brexit could lead to a sharp rise in unemployment and a recession. The uncertainty surrounding Brexit has already led to a decrease in business investment and a slowdown in economic growth.
Overall, the UK job market is in a strong position with record high employment rates and low unemployment rates. However, there are still concerns about the quality of jobs being created and the impact of Brexit on the economy. It is important for the government to continue to invest in the job market and support workers to ensure that the UK economy remains strong.