ONS: UK Employment Drops, But Salaries Increase Over 3-Month Period

Posted on by Ink Well Mag

Job applicants waiting in lineThe UK employment sector recorded mixed growth in different aspects between August and October, according to the Office for National Statistics (ONS).

Job numbers fell by 56,000 during the three-month period, which suggested the end of a long-term boom in employment. However, the jobless rate remained a relatively low rate at 4.3 per cent, while salaries increased by 2.5 per cent that includes bonuses.

No longer booming

The country began adding jobs consistently since 2012 and lasted until June 2017, a year after the UK decided to leave the European Union. Companies and individuals that still struggle to fill and land jobs, respectively, may increase their chances of doing so by focusing on third-party assistance. Recruitment agencies in London, for instance, connect job hunters to the appropriate employers.

A hiring strategy that does not solely rely on an in-house HR group will be helpful, especially since most people have stopped looking for work. The ONS said that inactive job seekers primarily caused a lower unemployment rate. Still, it stayed at the record low since 1975.

People at work

Despite the end of a long-term job growth-streak, employed Britons outnumbered jobless people by 32.08 million and 1.43 million, respectively, during the three months to October. Salary growth within the same period may have increased, but it fell below the inflation rate.

According to the Consumer Prices Index, inflation reached 3 per cent in October before rising to 3.1 per cent in November. Salary growth depends on your field of work or industry, but the ONS data painted a broader picture, which indicates that inflation offset the real growth of earnings.

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The end of a long-standing employment boom could stem from the impact of Brexit. It remains to be seen if the recent drop in job numbers would continue coming into 2018.