The UK labour market is booming and Britain is definitely back at work.
According to the latest government stats from the Office of National Statistics (ONS), we’ve just set a new record for the number of people in employment – the highest number since modern records began.
In the wake of all the uncertainty surrounding Brexit, it’s positive news (especially for jobseekers). In this post, we take a look at the record-braking figures, and what this news means for both employers and jobseekers across the UK.
Record Employment Levels and Vacancies on the rise
Between March and May of 2018, there were 32.4 million people in work in the UK according to the ONS. At the same time, unemployment fell by 12,000 – to a rate of just 4.2%. This made for a total employment rate of 75.7%.
To put things in perspective, it’s the highest number of people in work since the system for calculating the employment rate was introduced in the early 1970s.
There’s more positive news for jobseekers – we’re also seeing record numbers of vacancies across the UK. In the period between April and June, UK employers reported 824,000 job vacancies. It’s another record high, with the largest number of opportunities available since records began in 2001.
Real term wages rising and possible interest rate rise
In other news, real term wages are continuing to rise at a rate of 2.7%. Growth is slightly down from the 2.8% from the last figures – but with inflation at 2.4%, it still means more money in the pockets and buying power for UK employees.
The only negative news on the job-front was a small rise in the number of people in the UK claiming benefits – which is up by 7,800.
On the back of these figures, it’s possible we could see the Bank of England press ahead with its plans for an interest rise in August, but this is by no means guaranteed.
Jobs Everywhere – Opportunities for UK Jobseekers
In practice, this means there has never been a better time to be looking for a new job in the UK. There is more choice than ever, more openings and wages are on the increase. The balance is shifting, and jobseekers are in demand.
At Prestige, we have thousands of opportunities across our offices – with roles starting now in and around Hull, Leeds, Dereham, Huddersfield and Nottingham. Whether you are out of work or looking for a new challenge, we can help to support your career goals and help you find the job that’s right for you.
Visit our job search or contact your local Prestige office today for additional information.
What this Means for Employers
For employers – the job market is tight. This can make it challenging to find the personnel your business needs to operate, develop and perform to its full potential. It’s being compounded by the weakness of the pound, uncertainty over Brexit and difficulties in recruiting low skilled labour.
Now more than ever, the value of having a dependable recruitment partner is clear. However, there are still jobseekers out there, and with the right support, it’s still possible to recruit the right personnel your business needs.
Dependable recruitment support from Prestige
At Prestige, we have an excellent track record in supporting businesses across a range of sectors with all their personnel needs – whether temporary, seasonal or permanent.
Our proven, proactive approach is designed to address the challenges faced by employers head on. Where clients need large volumes of low-skilled workers, we push hard to fill these roles quickly, conducting targeted, localised recruitment drives and active marketing programmes that are proven to deliver results.
For additional information, or proactive recruitment support, contact your local Prestige office today.