The U.K. just achieved its highest employment rate in history. Despite the failing economic situations of the nation’s European neighbors, the U.K. has been consistently gaining strength in its labor rates since last year.
According to information released by the Office for National Statistics, the employment rate for U.K. residents between the ages of 16 and 64 is at a record high of 73.3 percent. The region’s unemployment rate stayed stable at 5.7 percent, which Financial Times noted is significantly less than the European Union’s overall jobless rate of 10 percent.
Despite this encouraging upswing for the nation, wage growth remains an issue. Financial Times explained that salaries in the U.K. have fallen over the course of the past six years, and though they are recovering, progress has been slow. In the three months leading up to January, average weekly earnings only increased by 1.8 percent compared to a year earlier, though economists had anticipated growth closer to 2.2 percent.
Not counting bonuses, wage growth actually weakened slightly during this time period, going from 1.7 percent to 1.6 percent. Youth unemployment also remains high, at 16.2 percent, though experts expect this to get better over the next 12 months, explained Financial Times.