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Private-sector employment rose by 1.73 million jobs since 2010 even as public-sector jobs decreased, and the employment rate hit a five-year high of 72.3 percent with 30.19 million people now in jobs in the period from November 2013 to January 2014, according to the U.K. government.
“We now have the highest employment rate for five years, which shows that the growing economy is helping record numbers of people to find a job, turn their lives around and have the security of a regular wage,” said Employment Minister Esther McVey.
There were 117,000 redundancies from November 2013 to January 2014, down 2,000 from the previous quarter. There was an estimated 588,000 unfilled vacancies in the three months ended February 2014, up 23,000 from the previous quarter.
U.K. public sector employment feel by 159,000 jobs to 5.507 million in the fourth quarter almost entirely because of the reclassification of the Royal Mail plc to the private sector from the public sector, according to the U.K. Office for National Statistics.