Home Business NewsBusinessBusiness Growth Labour market continues to recover as job vacancies hit record high

Labour market continues to recover as job vacancies hit record high

by LLB Reporter
12th Oct 21 10:11 am

The UK’s unemployment rate was down by 0.4 per centage points to 4.5% whilst employment was up 0.5 percentage points in the three months to September.

Job vacancies have hit a record high to 1.1m in the quarter and the Office for National Statistics (ONS) said the vacancies increased by 318,000.

Payroll employees was up by 207,000 between August and September which hit a record high of 29.2m, which was 122,000 higher than before the pandemic started.

Darren Morgan, director of economic statistics at the ONS, said, “The jobs market has continued to recover from the effects of the coronavirus, with the number of employees on payroll in September now well exceeding pre-pandemic levels.”

He added: “The latest earnings continue to show growth on the year, even after taking inflation into account.

“However, the figures are still being affected by special factors that make it hard to read underlying trends.”

The Chancellor Rishi Sunak said, “As we move to the next stage of our support, it’s encouraging to see our Plan For Jobs working – the number of expected redundancies remained very low in September, there are more employees on payrolls than ever before and the unemployment rate has fallen for eight months in a row.

“We remain committed to helping people find great work, with an extra £500m to support hundreds of thousands back into employment and help the lowest paid to progress in their careers.”

Tony Wilson, director at the Institute for Employment Studies, said, “We estimate that there’s nearly a million fewer people in the labour market than on pre-crisis trends, with this being driven particularly by fewer older people in work and more young people in education.

“These shortages are holding back our economic recovery, and won’t fix themselves by just exhorting firms to pay people more.

“Instead we need to do far better at helping some of the six million people who are outside the labour market because of ill health, caring or full-time study to get back into work.”

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