The rate of unemployment has fallen to 1.43m in the three months to October, the lowest it has been at since 1975.
The percentage of people out of work fell marginally (by 0.1 percentage points) to 4.3% in the three months as the total number of unemployed people fell by 26,000 across the same period.
However workers are still suffering falling real wages, pay, including bonuses, rose by 2.5% in the last quarter, up from 2.2% last month, though basic pay (excluding bonuses), only rose by a more modest 2.3% in July-October.
With inflation at 3.1 per cent that means that prices are still outstripping wage increases.
Matthew Percival, CBI Head of Employment, said:
“The number of people in employment has fallen, but the unemployment rate remains low and there are still opportunities for job seekers with vacancies at a record high.
“Pay growth is picking up a little, but rising inflation means that many people won’t feel the benefit yet. Raising productivity is key to turning this around. Progress from business and government on the Industrial Strategy must help to raise living standards across all parts of the UK.”
Minister for Employment, Damian Hinds said:
We’re ending the year on a strong note with figures showing the unemployment rate has fallen every month in 2017, and is now at the lowest it’s been in over 40 years.
Employment is at a near-record high, and there are over 3 million more people in work now compared to 2010 – that’s more than the population of Greater Manchester. Universal Credit is helping people get into work quicker, and ensuring they get more money in their pockets for every hour they work.
Debbie Abrahams MP, Shadow Work and Pensions Secretary, commenting on the ONS Labour Market Statistics today, said:
“Today’s figures are further evidence of Tory economic failure, only a day after inflation rose to its highest level in over five-and-half years.
“Both employment and real wages are falling while the price of household essentials balloons, leaving millions of people worse off than they were in 2010.
“Eight million people in working households live in poverty, and many will struggle this Christmas as a direct result of this government’s austerity policies.