UK job market "recovering strongly" as vacancies and average pay grow
Figures released today have revealed that job vacancies in the UK have hit a record high as average pay across the country grows.
The Office for National Statistics (ONS) reported today that the number of job vacancies reached 953,000 in the three months to July this year.
The ONS also reported an increase in average pay across the UK, with annual growth of 7.4 per cent, while the unemployment rate fell to 4.7 per cent.
Suren Thiru, head of economics at the British Chambers of Commerce, commented: “The latest figures confirm that the UK jobs market is recovering strongly as the boost to demand from the easing of restrictions helped drive higher payroll employment in July.
“Record vacancies confirm ongoing recruitment difficulties. Although the changes to self-isolation rules will help, with many firms facing a more deep-rooted squeeze on labour supply from the impact of Covid and Brexit, staff shortages may persistently weigh on economic activity.
“Although labour demand is currently robust, with firm’s finances still recovering from Covid and skills mismatches likely to limit the extent to which those seeking jobs after furlough can move into available roles, unemployment may still drift somewhat higher in the near term.
“Alongside rapid retraining opportunities, government should extend the Kickstart scheme into 2022 and expand it to enable older workers to gain new skills and experience. A more flexible immigration system is also needed to ensure that firms get access to the workers they need.”
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