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BCC: Strong Labour Market Figures Suggest that Recovery Remains on Course

  • In the three months, July to September 2015, employment rose 177,000 and unemployment fell 103,000
  • The youth unemployment rate fell to 14.2% in July to September 2015, compared with 16.0% in three months earlier
  • Comparing July to September 2015 with a year earlier, pay including bonuses was 3.0% higher, and pay excluding bonuses was 2.5% higher

Commenting on the Labour Market Statistics for November 2015, published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC) said:

“This is another strong set of labour market figures with employment rising, unemployment falling and inactivity declining. Employment is at its highest level since records began in 1971, while unemployment is at its lowest level since spring 2008. It is possible that the ONS may revise up its initial 0.5% estimate for quarterly growth in Q3.

“The further fall in youth unemployment is good news but it is still almost three times the national average. Our recent Business and Education Survey highlighted ways to address this very issue, including reforming schools careers advice to put employer engagement at the heart of it, and embedding the soft skills employers value within the school curriculum.

“While the UK economy remains solid, we can’t rest on our laurels when the international background is becoming more uncertain. British businesses need stability, supported by low interest rates for the medium term.”

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