UK unemployment falls to lowest rate in 10 years
The UK unemployment rate has now fallen to a 10-year low of 5.2%, with 505,000 more people in work than a year ago.
These are amongst a number of notable findings following yesterday’s Office for National Statistics (ONS) release of the latest UK employment data for the period August-October 2015.
Here are the Main Findings from the latest figures for the period August – October 2015:
- The UK employment rate stands at 73.9%, the highest ever since comparable records began in 1971
- UK unemployment fell by a substantial 110,000, to 1.71 million
- The current number of people in employment currently stands at 31.3 million
- There was a significant rise in EU citizens working in the UK, rising by 324,000.
- Salaries grew by 2.4%, however at a slower rate than previous months
- The number of people (aged 16 to 64) who were economically inactive is 21.9%. This rate has not been lower since October to December 1990
Locally
The national picture seems to reflect what is happening here in Cherwell, impacting on the job market & recruitment agencies in Banbury and surrounding areas. The latest statistics show that from a working population of 91,000 (aged 16-64) within the district of Cherwell, only 445 people are claiming Job Seekers Allowance. The unemployment rate here is also just 3.3% of the population, down from 3.7% the previous year.
But what are the impacts? With so few people out of work, despite a good number of jobs in Banbury, it is becoming increasingly difficult for companies to find suitable job candidates. This could potentially lead to a rise in salaries, as the competition between employers grows for the best candidates. Such a situation is reflected in the national statistics, with 2.4% rise in salaries since this time last year
Prospect Personnel are a Recruitment Agency in Banbury. We deal with permanent Part & Full-time jobs in Banbury & the surrounding area.
Please give us a call on 01295 817669 to see how we can help with your job search!
