Official figures today have shown that unemployment in the UK has fallen by 57,000, down to 4.4% nationwide. This is the lowest unemployment rate the UK has seen since 1975.
Looking at unemployment locally, the situation is positive in Essex, with unemployment down 16% since last year to a record breaking 23,300. This means unemployment in Essex is 27% lower than the nationwide average!
The latest unemployment figures show a bleak image for Suffolk, with the jobless rate increasing by 15% since last year to 15,600.
However, unemployment in Suffolk is still 2.3% lower than the national average, and is still a positive signal for the county.
Inflation remains high at 2.6%
In the last year, average weekly earnings have also increased 2.1%, which is highly above expectations.
Despite the positive wage growth figures, UK living standards remain under pressure because gross weekly pay is failing to keep up with inflation– which is currently 2.6%. This means that in real terms, wage growth has actually fallen by 0.5%.
The Bank of England is closely observing wage growth to determine whether the high levels of inflation will contribute to long term pressure on prices.
The Bank expects wages to rise by only 2% this year, then increasing in the years that follow. As with most things, it is currently unknown what impact Brexit will have on wage growth and unemployment.
No matter what the situation with unemployment, the best way to search for a job is to use a professional and reputable agency. One that knows the local market like the back of their hand.
However, don’t just cross your fingers and hope for the best! See company director Peter's tips on choosing the best recruitment agency here.
© 2017 Just Recruitment Group Ltd.
Posted on Thursday Aug 17