15th November 2017.
UK Employment Falls for First Time
Britain has seen its first fall in employment since the Brexit vote in 2016, following signs that our slowed growth is reducing demand for workers.
While the number of people in work are still up from a year ago, the Office for National Statistics (ONS) has reported a drop in employment figures by 14,000 in the three months to September.
While the figures for part-time jobs are still strong, full-time jobs are dropping which conflicts with the high numbers of part-time workers asking their employers for full time contracts.
The ONS statistician Matt Hughes admits that while employment has declined slightly this quarter, this is after almost two years of uninterrupted growth. Hughes further discourages people against “reading too much into one quarter’s data”.
After all, this fall in employment could turn out to have a positive effect on the industry, with both the slight reduction in employment and the modest growth in the economy, resulting in a sharp improvement in the UK’s productivity rate. It has risen by 09%, which is its highest in six years.
Unemployment remains at a record-low, and wages have been reported to be 2.2% higher in the three months ending in September than they were in the same three months of 2016
James Smith, a UK economist at ING bank is not so optimistic and is certain that this employment turn suggests future waves for the economy.
“It is clear the growth slowdown we’ve seen throughout 2017 is starting to take its toll on the jobs market – and the boost we felt from the stronger economic momentum in late 2016 is beginning to fizzle out.”
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