“The UK jobs market looks set to deliver a mixed bag of gifts this Christmas, in terms of the opportunities available. Advertised vacancies recently hit their lowest level since February but pay promises seem to be attempting a comeback. However, with the inflation rate currently sitting at a near six-year high and food prices rising, jobseekers and employees are still likely to feel the pinch as the cost of Christmas mounts. However, not everyone's stockings will be filled with coal as jobseekers and employees in some industries are rewarded for the resilient nature of UK jobs market, with sectors such as retail jobs enjoying an annual salary rise of 7.3%.
“At present, the hype surrounding the record low unemployment rate at 4.3%, down from 4.8% last year, has calmed, with the strain on disposable incomes now at the forefront of decision making for consumers, particularly in regards to their spending power, as the preparations for the festivities are in full swing. On a brighter note, looking to the New Year, companies are reportedly showing signs of improvement in expected staffing levels, with industry confidence barometers rising to a five-month high. For jobseekers and employees, this means it might be worth waiting until the turkey is gone and the New Year hangovers have subsided before making their next move.”
UK Labour Market Stats: December 2017
- Estimates from the Labour Force Survey show that, between May to July 2017 and August to October 2017, the number of people in work fell, the number of unemployed people also fell, and the number of people aged from 16 to 64 not working and not seeking or available to work (economically inactive) increased.
- There were 32.08 million people in work, 56,000 fewer than for May to July 2017 but 325,000 more than for a year earlier.
- The employment rate (the proportion of people aged from 16 to 64 who were in work) was 75.1%, lower than for May to July 2017 (75.3%) but higher than for a year earlier (74.4%).
- There were 1.43 million unemployed people (people not in work but seeking and available to work), 26,000 fewer than for May to July 2017 and 182,000 fewer than for a year earlier.
- The unemployment rate (the proportion of those in work plus those unemployed, that were unemployed) was 4.3%, down from 4.8% for a year earlier and the joint lowest since 1975.
- There were 8.86 million people aged from 16 to 64 who were economically inactive (not working and not seeking or available to work), 115,000 more than for May to July 2017 but 56,000 fewer than for a year earlier.
- The inactivity rate (the proportion of people aged from 16 to 64 who were economically inactive) was 21.5%, higher than for May to July 2017 (21.2%) but lower than for a year earlier (21.7%).
- Latest estimates show that average weekly earnings for employees in Great Britain in nominal terms (that is, not adjusted for price inflation) increased by 2.5% including bonuses and by 2.3% excluding bonuses, compared with a year earlier.
- Latest estimates show that average weekly earnings for employees in Great Britain in real terms (that is, adjusted for price inflation) fell by 0.2% including bonuses, and fell by 0.4% excluding bonuses, compared with a year earlier.
