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Adzuna comments on today's ONS unemployment data

Doug Monro, co-founder of Adzuna, comments:

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“The unemployment rate rising to 4.4% at the end of 2017 is hopefully a temporary blip, but had been foreshadowed by number of vacancies on our site flatlining somewhat. While the number of new roles available has stagnated, wages are showing signs of recovery, but the tangible benefits are taking time to filter down into peoples’ pockets. While average advertised salaries in London are flying the flag for the jobs market and showings signs of positive growth momentum at their highest level since May 2016, workers already in employment aren’t feeling flush just yet. However, as the countdown to Brexit continues, the future of the jobs market hangs in the balance. This calls for a vote of confidence in the market through transparent negotiations that maintain an open relationship and financial access to the EU, especially as the total number of advertised vacancies begins to lose momentum.

“There has undoubtedly been a shift in employment patterns in the labour market. With the noise surrounding university fees rising, home ownership becoming increasingly more expensive and arguably unlikely – particularly for generation rent – uncertainty has begun to spread and confidence among jobseekers and employees could soon dwindle. Workers will be hoping the worst of the pay squeeze is over, with less pressure placed on the resilience of the UK jobs market.”