Jobs market remains ‘robust’
The UK’s job market continues to demonstrate its ‘robust’ nature as new statistics reveal that the unemployment rate has maintained a figure of 3.8% for February to April 2019.
According to the Office of National Statistics’ (ONS) labour market figures for June 2019, this figure is the lowest since October to December 1974.
In addition, the employment rate also remained steady at 76.1%, the joint-highest figure since comparable estimates began in 1971. The employment rate for women also reached 72.0% – the highest on record.
The economic inactivity rate was 20.8%, lower than the same period one year earlier (21.0%) and close to the record low.
Elsewhere there was some good news regarding wages; average weekly earnings (excluding bonuses) for employees in Great Britain were estimated to have increased by 3.4% before adjusting for inflation, and by 1.5% after adjusting for inflation, compared with a year earlier.
“This morning’s figures show a familiar picture, with the UK labour market stuck in the same holding pattern that we have seen for the past few months,” said Tom Hadley, Director of Policy and Campaigns at the Recruitment & Employment Confederation (REC).
“Our jobs market continues to demonstrate how robust it is and continues to provide good work for more people than ever before with employment at a joint-record high and economic inactivity close to a record low. The overall picture remains positive, but with a few warning signs such as declining vacancies.”
“At the same time, pay is up year-on-year and while this is good news for working professionals, the picture is less rosy for businesses.”
“After all, we cannot ignore the fact that businesses are struggling to entice potential candidates out of their roles, in turn having no choice but to offer higher pay in order to remain competitive.
“In terms of the number of vacancies dropping between March and May, it’s not overly unusual for us to have seen a dip in vacancies quarter-on-quarter, given that the first two months of the year are usually some of the busiest for hiring. However, we could also attribute it to the fact that Brexit uncertainty has left businesses with no choice but to hold off on their hiring efforts until the UK receives more clarity on our future in the EU.”
SOURCE: Recruitment Grapevine, 12th June 2019