The ONS has published its latest figures, showing that unemployment is at a new record low and the number of vacancies in the UK is at a record high.
Commenting on these latest findings, Neil Carberry, Chief Executive of the REC, said, “These figures tell the story of a vibrant but stretched labour market in the first quarter of 2022. It’s a great time to be looking for work, as there are now fewer unemployed people in the UK than there are job vacancies. But unemployment levels and hours worked are still lower than before the pandemic, as more people are not working and also not looking to.”
“Over time, this capacity constraint can only slow growth and contribute to inflation. Business and government need to work together on ways to attract more people back into the labour market, as well as ensuring the new immigration policy addresses fundamental gaps.
“These staff shortages are also contributing to rising pay. But these rises will only be sustainable if we can grow a productive and competitive economy. Encouraging that growth needs to be the key focus for government moving forward. The cost of living crisis won’t be solved by slogans, or trade wars.”
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