It’s coming up to that time of the month again - the CBI/Pertemps Labour Market Update. I’m always intrigued when I read the latest figures unearthed by the update and discover the highs and lows occurring in the market nationwide.
So, the March 2017 update found employment levels continue to strengthen in the UK. In the three months to January 2017, there were 31.9 million people in work, an increase on the previous quarter. This increase is due to rises particularly in the number of self-employed people (+49,000).
I’m also happy to hear that the unemployment rate is at its lowest level since 1975 and job roles are growing across a range of sectors, particularly in construction and agriculture. These sectors are areas that are crying out for skilled staff, so it is positive to see they are doing well.
The number of economically active people rose by 61,000, indicating that more people have moved into employment in the last quarter.
This growth was the largest among young people, with the employment rate for those aged 16 to 64 remaining at a historic high of 74.6%. The youth unemployment rate is now 12.3%, down 0.8 percentage points on the previous quarter. To put it simply, more and more young people are gaining employment – brilliant news!
Overall, this month’s update is a positive one - just what I like to see. The only downfall is that pay growth in the UK continues to disappoint. Inflation is expected to rise further in coming months, so real earnings growth needs to also rise or consumer spending will decrease, resulting in slow economic growth. Hopefully these statistics will change over the year to be more optimistic. Otherwise, other areas are looking good. Let’s hope these brilliant figures keep rising throughout 2017.
As usual, at Pertemps we are always on the lookout for new talent. If you are looking for a job, head to our find a job page to search for your next opportunity.