UK Employment Notched Record Peaks

Employment in Britain increased in the three months to the end of November, surpassing analysts expectations as pressure on employers to find skilled staff seems to have pushed up wages.

The number of people in work grew by 102,000 compared with the previous three months, bringing the number of people employed to 32.21 million, a fresh record peak. Analysts had forecasted a decline of 13,000.

The jobless rate was 4.3 percent over the three month period.

The employment rate, which measures the proportion of 16- to 64-year-olds in work, reached 75.3 percent, a figure that was higher than for a year earlier and the joint highest since comparable records began in 1971.

The UK labour market has created large numbers of jobs since the financial crisis but has struggled to generate real wage growth. Many of the jobs created have also been part time or self-employed.

However, the latest figures show an increase in the number of full time jobs, with the number of self-employed falling by 82,000.

Average weekly earnings were 2.5 percent higher than the previous year, including bonuses, and 2.4 percent higher excluding bonuses. That compares with 2.5 percent and 2.3 percent respectively during the previous three month period.

The Office for National Statistics, which produces the figures, calculates that this means real earnings dropped by 0.2 percent over the past year, including bonuses, and by 0.5 percent without them.

According to the ONS, the number of job vacancies increased to a record peak of 810,000 in the three months to the end of October.

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