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Unemployment rate lowest since 1975

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You've never had it so good! No more boom and bust! The economic cycle conquered through 'science'.

Surely, it's time for Gordon Brown to be knighted for saving the world in 2009... but he's too modest.

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Other figures published on Wednesday showed that unemployment fell by 31,000 in the three months to January, to 1.58 million, the lowest for a decade, giving a jobless rate of 4.7%, the lowest since the summer of 1975.

Almost 32 million people are now in work, a jump of 92,000 over the quarter and 315,000 compared with a year earlier.

The number of people on the claimant count, including Jobseeker's Allowance and those on Universal Credit required to seek work, fell by 11,300 last month to 734,700, the lowest since May 1975.

Average earnings increased by 2.2% in the year to January, down by 0.4% on the previous month.

David Freeman, senior statistician at the ONS, said: "With the unemployment rate last lower in summer 1975 and the employment rate still at a record high, the labour market remains robust.

"But smaller wage increases and higher inflation mean the growth in real earnings has slowed sharply in recent months."

A record 4.8 million people are now self-employed, up by 49,000 on the quarter and 148,000 over the past year, representing 15.1% of the total workforce.

Those classed as economically inactive, including people looking after a relative, on long-term sick leave or who have given up looking for work, fell by 34,000 to 8.8 million.

The UK's employment rate is now 74.6%, the joint highest since records began in 1971. 

Employment Minister Damian Hinds said: "I'm delighted by another set of record-breaking figures showing more people in work than ever before and unemployment falling to its lowest in 12 years.

"Employment is up, wages are up and there are more people working full-time. This is good news for hard-working families across the UK as we continue to build a country that works for everyone.

"But we have more to do, which is why we're pressing ahead with our welfare reforms to ensure that it always pays to be in work."

https://uk.finance.yahoo.com/news/unemployment-rate-lowest-since-1975-095358102.html

 

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So why the need for emergency low interest rates then? Why the need for all the semi-covert bank support and other schemes? 

If the economy is so wonderful, whack the interest rates up to 5%.

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It begs the question how do we define a job/ work.  I would suggest that to be truely classed as employed means that you earn enough to support yourself and whatever family you choose to have.  Using this definition, I would wager that not that many could be truely classed as gainfully employed.  Those with a better grasp of the benefits numbers will hopefully be along to flesh this out

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30 minutes ago, One-percent said:

It begs the question how do we define a job/ work.  I would suggest that to be truely classed as employed means that you earn enough to support yourself and whatever family you choose to have.  Using this definition, I would wager that not that many could be truely classed as gainfully employed.  Those with a better grasp of the benefits numbers will hopefully be along to flesh this out

Yes, net contributors to society. A number under 50% I'd imagine.

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25 minutes ago, One-percent said:

It begs the question how do we define a job/ work.  I would suggest that to be truely classed as employed means that you earn enough to support yourself and whatever family you choose to have.  Using this definition, I would wager that not that many could be truely classed as gainfully employed.  Those with a better grasp of the benefits numbers will hopefully be along to flesh this out

In my home town 68% of households received some form of government benefit,12% of households had someone employed in the public sector.Our private sector is doing well though,we had the record for the highest level of credit card fraud per person in the UK.

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Just now, honkydonkey said:

Yes, net contributors to society. A number under 50% I'd imagine.

I think its actually something like 52% and falling.I had the figures a couple of years ago.The next 30% dont contribute much net,its only the top 20%.,but the bottom 36% take a lot (mostly due to tax credits),hence the deficit.

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1 minute ago, durhamborn said:

I think its actually something like 52% and falling.I had the figures a couple of years ago.The next 30% dont contribute much net,its only the top 20%.,but the bottom 36% take a lot (mostly due to tax credits),hence the deficit.

Imagine how that's going to look with all the boomers retiring. 

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Just now, honkydonkey said:

Imagine how that's going to look with all the boomers retiring. 

The government is doing everything it can to stop people retiring so they can keep paying for tax credits and Housing Benefit.Those two benefits have changed our economy and destroyed most work incentives.If the productive do still manage to retire,the welfare budget will have to be slashed.

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Good plan...folks can work all hours and hand it all over in rent to the property owning classes...

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5 hours ago, honkydonkey said:

Yes, net contributors to society. A number under 50% I'd imagine.

Looks like you need to be earning about £40k per year to be a net contributor, which is around 40% (figures slightly out of date).

Edited by Craig_
Edit - got off my lazy **** and googled it...

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6 hours ago, Errol said:

So why the need for emergency low interest rates then? Why the need for all the semi-covert bank support and other schemes? 

If the economy is so wonderful, whack the interest rates up to 5%.

There's a simple answer for that! It's because it is all a bit of a .. err....... lie, really!

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There are a lot of (well qualified)people that I know are looking for work for past few months as they were made redundant. Many of them think the market is harder than 2007-08. 

Don't know what is true.

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6 hours ago, durhamborn said:

The government is doing everything it can to stop people retiring so they can keep paying for tax credits and Housing Benefit.Those two benefits have changed our economy and destroyed most work incentives.If the productive do still manage to retire,the welfare budget will have to be slashed.

Are there enough jobs though?

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6 hours ago, durhamborn said:

I think its actually something like 52% and falling.I had the figures a couple of years ago.The next 30% dont contribute much net,its only the top 20%.,but the bottom 36% take a lot (mostly due to tax credits),hence the deficit.

It looks like we really are in a depression. I wonder how long they can keep those plates spinning?

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12 minutes ago, 200p said:

So if 100% of the nation was on Zero hours, then Unemployment would be 0%.

Does Zero hours = Full employment?

Good point.  As I intimated above, we need a new way of measuring unemployment. The figures have been massaged beyond credibility 

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