Job vacancies remain at record highs

The number of job vacancies in the UK has fallen for a 16 month in a row according to the latest figures from the Office for National Statistics.

Between August and October, the estimated number of vacancies in the UK fell by 58,000 to 957,000.

According to the ONS said the figure still remain well above pre-pandemic levels.

At the same time growth in pay outstripped inflation by the highest figure in two years.

Regular pay rose at an annual rate of 7.7 per cent between July and September.

Darren Morgan, ONS director of economic statistics, said: “Our labour market figures how a largely unchanged picture, with the proportions of people who are employed, unemployed or who are neither working nor looking for a job all little changed on the previous quarter.”

Chancellor of the Exchequer Jeremy Hunt said: “It’s heartening to see inflation falling and real wages growing, keeping more money in people’s pockets.

“Building on the labour market reforms in spring, the Autumn Statement will set out my plans to get people back into work and deliver growth for the UK.”

Julia Turney, partner at independent consultancy Barnett Waddingham said: “As unemployment figures remain steady for the quarter, the situation is still precarious, revealing a delicate balancing act between employer demands and employee expectations.

“At a time when ONS data shows economic inactivity rising, and those inactive due to long-term sickness hitting a record high, there is no denying the need for action to revitalise the workforce and supercharge employer productivity.

“The Chancellor holds some the keys to solving the productivity puzzle, so all eyes will be on the autumn statement to see what measures he has to boost productivity, but employers need to support this transition internally too. “