Unemployment is reducing according to new figures.
There’s been good news for the region’s economy this morning with the announcment that the drop in unemployment in the West Midlands is the largest in the country.
Nearly a million more people are in work compared to a year ago, and more people are working than even before according to the figures released by the Office for National Statistics.
A record-breaking annual rise in employment of 929,000 sees the employment rate rising to 73.1%, equal to the record high in 2005. There were 30.6 million people in work at the end of May, 1.8 million more than in 2010, showing that the government’s long-term plan is helping to create jobs as the economy grows following the deepest recession since the 1930s. The number of women in work also reached a new record of 14.2 million, with the female employment rate now at 68.1%.
Unemployment also saw the biggest annual fall for nearly two decades, dropping by 383,000. Schemes such as the Government’s Work Programme have also contributed to the biggest fall in long-term unemployment since 1998, down by 166,000 on the year.
Unemployment in the West Midlands decreased by 22,000 in the quarter to May and now stands at 7.6% against a national average of 6.5%, itself the lowest since 2008.
Minister for Employment Esther McVey said: “An important milestone has been reached in our country’s recovery. With one of the highest employment rates ever, it’s clear that the Government’s long-term economic plan to help businesses create jobs and get people working again is the right one.
“With the West Midlands seeing the largest annual fall in the unemployment rate of any UK region, the resilience of the country during the downturn is being rewarded. We know there is more to do, and the best way to do so is to go on delivering a plan that’s creating growth and jobs.”