According to the latest Government figures, Female employment is at an all-time high, and wage growth has risen at it’s quickest pace since November 2015.
69% of women aged 16-64 were working in the three months leading up to November, according to The Office for National Statistics. This marks the highest female employment rate since records began back in 1971.
Wage levels also rose by an annual rate of 2.7% in the same period, the highest increase since August 2015.
The news could boost the UK’s economy if consumer spending is maintained.
Michael Martin’s, economist at the Institute of Directors said,
“The UK’s labour market has held up well since the referendum vote, reflecting the inherent flexibility that allows firms to adopt a ‘wait and see’ approach when faced with uncertainty”
Despite this, the ONS said unemployment fell by 52,000 to 1.6m, the lowest level for more than a decade, showing that the vote to leave the European Union in June has brought about economic uncertainty.
Last week Michael Saunders from the Bank of England’s monetary policy committee said unemployment could remain below 5pc for an extended period.
However, the number of people in work fell by 9,000 to just over 31.8 million, the second consecutive quarter of decline.
David Freeman from the ONS said:
“While employment is little changed on the quarter, the rate remains at an historical high. The rate at which pay is increasing continues to pick up in cash terms, though it remains moderate.”
8.89 million people aged from 16 to 64 were considered economically inactive, which means not working or available to work.
