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UK labour market sees jobs surge, wage growth above inflation

UK labour market, job vacancies, Office for National Statistics, Brexit complexities, ritish Chambers of Commerce, Westminster, UK government

Basic wages have increased 3.4 percent over the same period in the previous year

The UK labour market has performed well in the last three months, as jobs surge and wage growth rose above inflation, Bloomberg reports. The number of people employed increased by 179,000, while unemployment remained at 3.9 percent, which records the lowest since 1975, according to the Office for National Statistics. From the previous year, basic wages went up by 3.4 percent.

In the past year, employment stretched to more than 450,000, mostly directing towards full-time work and employee jobs. Bloomberg’s Senior Economist Dan Hanson said that despite Brexit complexities, unemployment is likely to remain unchanged, and wages are growing at a comfortable pace. This rise is attributed to consumer spending jump, which largely contributes to the UK economic growth.

But there are challenges reflecting the market’s weakness. “Businesses are increasingly reporting that persistent hiring difficulties, cost pressures, and ongoing uncertainty are dampening recruitment intentions. If this trend is sustained it could well translate into a weakening in UK jobs growth over the next year,” said Suren Thiru, Head of Economics at the British Chambers of Commerce.

In order to maintain a positive landscape for the UK labour market, businesses need to analyse how the future workforce needs will be administered. “Brexit has distracted government and Westminster for too long, much more must be done at home to address the UK’s chronic skills shortage, including easing the burden of upfront business costs to help firms to hire and train staff,” Thiru said.

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