Employment is at its highest levels since 1971, and unemployment is its lowest since mid-2008 according to the Office of National Statistics, in an announcement that will be welcomed by our local residents in Bermondsey and Old Southwark.
In our community, 3.4% of those able to work aged between 16-64 are currently claiming Job Seekers' Allowance as of February this year. That is nearly 1000 less than in February last year, when 3624 people were claiming out of work benefits.
Compared to February 2010, under the last Labour government, unemployment has decreased by 36%.
Never has the claimant count been lower in our community.
Youth unemployment is also the lowest its ever been in our community, and is much lower than the equivalent figures for London and the UK.
Today's figures show that residents in our local area are benefitting directly from the stronger economy, and fairer society that Liberal Democrats in government have secured over the last five years.
Nationally, nearly three quarters of the economically active population are in work as of February this year, an increase on the 72.1% in employment for the same month last year.
In the three months ending January 2015, 143,000 more people were working compared to the period of August-October 2014. This is 617,000 more than the equivalent figures for January 2014.
The unemployment rate for February was 5.7%, down from 7.2% a year previously. The UK also has the lowest claimant count since 1975.
The ONS tweeted their good news this morning: