UK job vacancies hit record 1.2 million
The number of UK job vacancies from August to October 2021 hit a new high of 1.2 million, up 388,000 from pre-COVID levels.
According to the Office for National Statistics (ONS), 15 of the 18 sectors posted records.
The UK unemployment rate was estimated at 4.3% – 0.3 percentage points higher than before the pandemic, but 0.5 percentage point lower than in the previous quarter.
At the same time, the growth rate of job vacancies continued to slow. From August to October 2021, vacancies increased by 222,000 (23.4%), compared to 288,000 (43.4%) in the last quarter.
The largest quarterly increase was observed in âwholesale and retail trade; repair of motor vehicles and motorcycles âup 29,600 (24.8%).
âDespite these records, there is still some slowdown in the labor market, with the rate of economic inactivity remaining above pre-pandemic levels,â said Rob Clarry, economist at PwC.
âThis suggests that some people are reluctant to return to work, potentially due to fears about COVID-19, or that they lack the skills to take on roles where demand is high. We expect a period of time. adjustment over the next few months as people retrain and move into new areas.
PwC expects labor market figures to put more pressure on the Bank of England to raise interest rates in December.
Accommodation and food services saw the largest increase in employment from pre-COVID levels, with an increase of 66,500, up 79%.
The ONS said the jobless-to-job vacancy ratio hit a new high of 1.3 between July and September, meaning the labor market was particularly tight.
Attempts to address the shortage of truck drivers have resulted in a 40.4% increase in vacancies in transport and storage. The number of jobs for construction workers also increased by 41.1%.
At the end of the holidays, layoffs edged up in the three months to September, up for the second month in a row. The dismissal rate increased by 0.2 per thousand over the quarter (the last three months of the leave scheme), to 3.7 per thousand employees.
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