The unemployment rate in Wales has hit an-all time low with a record number of people now in work, latest figures show.
Headlines from the latest Labour Market Statistics include:
The employment level in Wales is up 18,000 over the quarter to 1.457 million and the rate is up 1.2 percentage points to 73.2 per cent. Over the year, the level increased by 34,000 and the rate was up 1.9 percentage points. The employment level and the employment rate are at the highest level on record
The unemployment level is down 10,000 over the quarter to 63,000 and the rate is down by 0.7 percentage points to 4.1 per cent. Over the year, the level decreased by 35,000 and the rate was down 2.3 percentage points. The unemployment level is at its lowest since 2005 and the unemployment rate is at its lowest on record. The rate in Wales is now 0.8 percentage points lower than the unemployment rate for the UK as a whole, which is 4.9 per cent
Economic inactivity is down 14,000 over the quarter to 449,000 and the rate is down by 0.7 percentage points to 23.6. Over the year, the level decreased by 2,000 and the rate was down 0.1 percentage points.
The claimant count increased by 300 (0.7 per cent) between July and August but fell 2,100 over the year. The rate now stands at 2.9 per cent.
Alun Cairns, Secretary of State for Wales, said:
“This record breaking data on jobs is testament to the ability of the Welsh economy to create jobs and reduce unemployment. We are seeing more people in work than ever before and the jobless rate at a historic low as the Welsh employment market rapidly closes the gap on the rest of the UK.
“The indicators are that welfare reform has played its part with some of the sharpest falls in unemployment seen in places like Merthyr Tydfil, Blaenau Gwent and Caerphilly. Going back to work now makes better financial sense than ever, and we are ending the culture of homes with no history of a parent in work which has blighted some parts of our country.
“What today’s figures reflect is a confident economy powering ahead and reaping the benefits of hard decisions taken by the previous Government. While Brexit will undoubtedly bring challenges in its wake, the economy in Wales is in great shape to face the transition ahead.”