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Adzuna comments on ONS Labour Market Stats

Doug Monro, co-founder of Adzuna comments:

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Adzuna

“What these figures show is that the jobs market was on track – before Brexit happened. Unemployment had fallen to its lowest post-recession level and fewer people were joining the queue for jobs. Brexit has added extra caution to the mix for employers, but is unlikely to derail the recovery. Over the next couple of the months, employers will be keeping an eye on their bottom line as the pressure builds on them to keep the doors open to new hires. Laying the groundwork overseas would help reassure many.

“One place where the result is already being felt is salaries. As well as battling other applicants, rising inflation and a weak pound have made getting a job more urgent as the value of wages is cut. Salaries are starting to stagnate so switching roles could be a good move for many.

“June saw 1,157,723 advertised vacancies – up 0.7% monthly. It may be optimistic to expect the same across the next few months. But even if there’s a short-term dip, Britain is a country of grafters and that will never change.”

ONS Labour Market Statistics, August 2016

  • Between January to March 2016 and April to June 2016, the number of people in work increased.
  • There were 31.75 million people in work, 172,000 more than for January to March 2016 and 606,000 more than for a year earlier.
  • The employment rate (the proportion of people aged from 16 to 64 who were in work) was 74.5%, the highest since comparable records began in 1971.
  • The unemployment rate was 4.9%, down from 5.6% for a year earlier. The last time it was lower was for July to September 2005
  • There were 1.64 million unemployed people (people not in work but seeking and available to work), 52,000 fewer than for January to March 2016, 207,000 fewer than for a year earlier and the lowest since March to May 2008.
  • Average weekly earnings for employees in Great Britain in nominal terms (that is, not adjusted for price inflation) increased by 2.4% including bonuses and by 2.3% excluding bonuses compared with a year earlier.

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