(VOVworld) – The UK labor market saw positive changes in 2014 as employment rose sharply and the unemployment rate fell considerably compared to the previous year. According to the Office for National Statistics, there were 30.9 million people in the workforce at the end of 2014 - 608,000 more than a year earlier, marking the highest growth since 1988. The proportion of people aged 16 to 64 in the workforce was 73.2%, the highest in the last decade.
The proportion of people aged 16 to 64 in the workforce was 73.2%, the highest in the last decade (Photo: theguardian)
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However, there were 1.86 million unemployed people, accounting for 5.7% of the working population. Though the rate is the lowest since 2008, it is still higher than the average rate of 5% prior to the global financial crisis. The proportion of unemployed people aged 16 to 24 was high: 16.2% of the unemployed population.