Home Business News UK employment rate hits record high

UK employment rate hits record high

by LLB Reporter
11th Dec 18 10:11 am

The number of unemployed people in the UK has fallen by 49,000 to 1.38m in three months to October, compared to last year.

However, when compared to the period from May to July, there were 20,000 more unemployed people. The unemployment rate remained at 4.1 per cent.

The number of people in employment rose by 396,000 to 32.48m compared to last year, which was 79,000 more than for May to July.

Commenting on today’s figure, Pawel Adrjan, UK economist at the global job site Indeed, said: “In ordinary times, ministers would trumpet such record employment figures and rising wages as an achievement.

“Not today. The febrile atmosphere in Westminster means they will pass largely unnoticed.

“In any case, while wages are inching up, the rising cost of living means real progress is glacial. The average Briton’s weekly paypacket is now just £4.50 bigger than it was last Christmas – barely the cost of a mulled wine.

“Nevertheless this is the best jobs report we’ve seen in a while. More people are being tempted back into the workforce, and this will come as an early Christmas present for companies struggling to recruit. UK employers still have 848,000 vacancies, and the ratio of unemployed people per vacancy remains at a record low.

“As a result many employers have had to increase wages in order to poach recruits from elsewhere, or broaden their search to tap into underused talent pools. While January traditionally provides a boost in jobseeking activity, the tightness of the labour market means recruiters will have to fight harder – and look further – for every new hire.”

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