The latest UK employment figures from the Office for National Statistics are still holding up well, despite all the Remainer doom-saying.

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The latest employment and unemployment data from the ONS, shows that for the three months from February to April 2019, the UK employment rate was estimated at 76.1%, which is the second highest on record and higher than the same period last year when it was 75.6%.

And the Unemployment rate was down at 3.8%, the lowest since December 1974.

While the economic inactivity rate was close to a record low at 20.8%.

Looking at average weekly pay, when excluding bonuses, wages went up by 3.4% before taking inflation into account and, by a real terms, 1.5% when factoring inflation in.

When including bonuses pay went up by 3.1% and when factoring in inflation it was 1.2%. An increase in real terms.

The employment rate for women also hit a high of 72%.

While for men it was 80.3%, a slight increase of 0.3% on last year.

To put the employment rate into perspective, this means that 32.75 million people in the UK are now in work, which is a huge 357,000 more than last year.

Much of that was driven by an increase in the number of full time workers up by 402,000 to 24.15 million, compared to a fall of 45,000 part time workers down to 8,6 million.

With unemployment, this fell by 112,000 compared to last year down to 1.3 million.

Most of this is private sector based, but public sector employment did go up a net 39,000 on the year. This would have been higher at 70,000 but Welsh and Scottish housing associations were transferred to the private sector.

But with a drop in GDP in March of 0.1 % and 0.4% in April, the market may soften slightly in the months ahead.

Many in the press and in the Remainer camp put this squarely on the shoulders of Brexit. But a cursory look around the global arena shows that most countries are suffering and that the recent US / China trade war probably has much more of an impact.

In fact, I did a video recently on the most recent IHS Markit Purchasing Managers' Index reports, which shows countries across the world from Brazil to Germany to Greece as well as the Eurozone as a whole were struggling.

But one point to think about is, with all those increased numbers of workers surely our GDP should be increasing?

This could suggest that either our productivity problem is getting worse, or that we're missing something in the GDP figures.

Then there's the question of where is all that tax money going?

All those extra workers surely means more employer's and employee's national insurance contributions as well as income tax?

Why is the country not swilling with spare cash, so that over 75s for example can still keep their free TV licences?

Just asking.

Sources:

https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/employmentandemployeetypes/bulletins/uklabourmarket/june2019

https://www.theguardian.com/world/2019/jun/07/german-trade-decline-raises-fears-over-global-economy

http://www.worldbank.org/en/news/press-release/2019/06/04/global-growth-to-weaken-to-26-in-2019-substantial-risks-seen

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