The UK labour market remains challenging as employers cut staff numbers and wage growth accelerated,according to the latest data from the Office for National Statistics (ONS).
Average weekly earnings in the three months to November were 5.6 per cent higher than a year earlier, both including and excluding bonuses, the ONS said.
Payrolled employment fell by 0.1 per cent between October and November and was 11,000 lower in the three months to November than in the previous quarter, said the ONS
Early estimates for December suggest abigger month on month drop of 47,000 to 30.3mn in the payrolled workforce.
Jane Gratton, Deputy Director Public Policy at the British Chambers of Commerce (BCC) said:
‘The labour market continues to be challenging for many businesses, with wage growth continuing to rise as firms compete for skilled workers. This is a concern as they face a significant rise in employment costs in April.
‘However,there are also signs of further loosening as unemployment ticks up, vacancies continue to fall and economic inactivity dips.
‘The full impact of the changes to national insurance and the minimum wage,announced at the Budget, won’t be fully seen until later in the year. However,the warning lights on recruitment, employment and training are already flashing.’
Internet link: ONS website
