Jobs Boom Grinds To A Halt
20th December 2017.
Britain’s businesses are looking for more workers but are struggling to find them as the dramatic fall in unemployment has slashed the pool of potential staff.
Unemployment fell by 26,000 in the three months to October, dipping to 1.4 million while the jobless rate stayed at a 42-year low, according to recent figures from the Office for National Statistics.
However, there has been a dramatic rise in the number of economically inactive individuals, as they are neither in work nor seeking a job. That figure rose to 8.9m.
This blip in employment is not expected to continue, however, as employers are still keen to take on more staff. The rate of employment is up by 325,000 than last year.
“We doubt the weakness in employment will persist for too much longer, with annual employment growth accelerating significantly and unfilled vacancies at a record high,” said Andrew Wishart at Capital Economics.
At the same time, wage growth fell behind inflation for the seventh month in a row.
Goods prices have increased by 3 percent in last 12 months, mounting further pressure on household finances, and on employers to deliver pay rises.
“There are skill shortages reported in certain sectors which will keep some pressure on employers to raise wages,” said economist James Smith at ING.
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