Job vacancies in Britain hit a record high

Job vacancies on the rise post Covid

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Businesses battled with one another to fill positions once the government eased pandemic restrictions, resulting in a record number of job openings in the UK at the start of the summer.


According to statistics by the Office for National Statistics (the ONS), companies sought to fill 953,000 vacancies from May to July, up 44 percent from three months earlier and considerably above pre-pandemic norms.


Health care employees had the most job openings, followed by wholesale and retail roles and positions in the accommodation and food services business, such as hotels and restaurants, according to the statistics office. Many firms in these areas have experienced personnel shortages in recent months, and in the case of hospitality, some are limiting their operating hours to relieve the strain on current employees despite increasing customer demand. As the pool of unemployed workers decreases, some firms are increasing wages to attract new employees.


Pay, excluding incentives, increased 7.4% year over year in the second quarter. Even after accounting for the effects of the epidemic — such as the effect of fewer low-paid employees in the workforce a year ago, when most of the economy was shut down — the increase in pay was projected to be 3.5 percent to 4.9 percent, according to the statistics office. It’s significantly greater than the preceding decade’s average yearly growth of approximately 2%.


In a note, Kallum Pickering, an economist at Berenberg, said, “Rising wage pressures correspond with the larger picture of rising inflation across the economy.” This supports the Bank of England’s decision to hike interest rates next year, he continued.


In general, the British labour market is rapidly rebounding from the epidemic. In July, the number of employees on payrolls increased by 182,000, or 0.6 %, over June. The number of salaried employees fell by 201,000 in February 2020 compared to February 2020. At its worst, there were roughly 969,000 fewer employees in November than there were before the epidemic.


The unemployment rate fell to 4.7% down from 4.9% the previous quarter. A total of nearly 300,000 individuals transitioned from unemployment to employment, which was a new high. The rate of economic inactivity also decreased, as more persons were categorized as jobless after resuming their job search.


The Bank of England does not expect the unemployment rate to rise this year, but it does expect it to remain about 4.25 percent in 2023. Before the epidemic, it was 3.8 percent.



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