Job vacancies hit ANOTHER record of 1.25m as unemployment drops near pre-pandemic levels – but ominous sign for cost of living crisis as wages grow more slowly than inflation

  • New figures confirm that there is a continuing recovery of the job market following Covid hammering
  • In the fourth quarter ending December, 1.25 million job vacancies were reported.
  • A sign of trouble for the cost-of-living is a single month wage growth that falls below inflation 

It was announced today that the number of job openings has risen to 1.25 million as part of the recovery from Covid. 

The number of posts available in the quarter to December was 462,000 above the pre-pandemic level, while unemployment in the three months to November was 4.1 per cent – just 0.1 per cent higher than before coronavirus struck.

The number of employees on the payroll increased by 184,000 in November and December from 29.5million to 29.5million. 

According to figures from the Office for National Statistics, redundancies are also at an all-time low since 2006. 

Inflation in November was the only indicator of the crisis in the cost-of-living. This is a troubling sign.

One-month real weekly growth was less than 0.9 percent for total and minus one per cent respectively for regular. 

Rishi Sunak, Chancellor of India, stated that the data indicated the employment market is thriving. 

In the December quarter, 462,000 more posts were available than the levels pre-pandemic.

Single-month growth in real average weekly earnings was minus 0.9 per cent for total pay and minus 1 per cent for regular pay

The single-month increase in average weekly real earnings was minus 0.9% for total pay, and minus 1.1% for regular pay.

Darren Morgan, ONS director for economic statistics, stated that: “The total number of payroll employees is now significantly higher than it was before the pandemic.”

“New Survey figures reveal that unemployment rates have fallen almost back to levels before COVID-19 was implemented in November. Those who report having been laid off are at their lowest level since records began over 25 years ago.

“However, although job vacancies have reached an all-time high in the third quarter of 2021 they are growing slower than last summer.

“Following the recent inflation increases, real wages in November fell for the first-time since July 2020.

Sunak stated that today’s numbers are evidence of a thriving jobs market, with record-breaking employee numbers and redundancy notifications at the lowest level since December 2006, when they were first reported.

“From sector-based work Academies for people changing careers to traineeships for youth, to apprenticeships for adults in their 20s and 30s, our Plan for Jobs continues to provide opportunities for everyone.