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UK –UNEMPLOYMENT RATE FALLS TO HISTORIC LOW

The number of temporary employees in the UK fell by 0.8% to a total of 1.59 million in the three-month period from August 2017 to October 2017 when compared to the same period a year ago according to seasonally adjusted figures by the Office for National Statistics (ONS).

Estimates from the ONS Labour Force Survey show that in the period between August to October 2017, there were 32.08 million people in work, 325,000 more than for a year earlier. The employment rate was 75.1%, up from a year earlier (74.4%).

Meanwhile, there were 1.43 million unemployed people for the period, 182,000 fewer than for a year earlier. The unemployment rate was 4.3%, down from 4.8% for a year earlier and the joint lowest since 1975.

For the August to October 2017 period, the unemployment rate for 16- to 24-year-olds was 12.0%, lower than for a year earlier (13.0%).

Estimates from the ONS showed that average weekly earnings for employees in the UK in nominal terms (not adjusted for price inflation) increased by 2.5% including bonuses and by 2.3% excluding bonuses, compared with a year earlier. Meanwhile, average weekly earnings for employees in the UK in real terms (adjusted for price inflation) fell by 0.2% including bonuses, and fell by 0.4% excluding bonuses, compared with a year earlier.

ONS figures also showed there were 798,000 job vacancies for September to November 2017, which was 45,000 more than for a year earlier and the highest figure since comparable records began in 2001.

Kevin Green, Chief Executive of the Recruitment & Employment Confederation, commented on the Labour Market figures, “Employment has fallen for the second month running while vacancies are going up. With more people from the EU leaving the country and fewer arriving to work, it’s getting harder for employers to secure the number of people they need to fill roles. If they can’t find candidates, they won’t be able to meet demand, which means there is a risk that they won’t be able to grow and could even end up downsizing, relocating or closing down.”

Source: staffingindustry.com