Friday, June 5, 2020

Labour market ‘still going strong’ despite uncertainty

The latest official labour market statistics for the UK, show the unemployment rate remained at 3.8%.

Responding to the report Tej Parikh, Chief Economist at the Institute of Directors, says: “The buoyant labour market is still going strong for the UK economy, even as it weathers widespread political uncertainty.

“Businesses’ avid appetite for new hires has drawn many out of unemployment and inactivity into work, which has provided uplift to household incomes.  With vacancies outpacing the number of people available to fill them, competition has pushed up wages in new positions, giving a boost to job switchers and starters.

“However, the employment boom cannot last forever, and is certainly showing signs of softening. Business leaders are finding it harder to recruit as the supply of talent shrinks, and wage growth has failed to sustain the heights we saw earlier this year. To build on the existing strengths of the jobs market, the Government will need to step up on its training agenda in order to support businesses to overcome skills shortages and drive up productivity and pay packets.”

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