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BCC: UK Labour Market Remains Strong in the Face of Headwinds

  • In the three months from October to December 2015, unemployment fell by 60,000 compared with the previous three months, while employment rose by 205,000;
  • The youth unemployment rate fell to 13.6% in the three months from October to December 2015, lower than the pre-recession low of 13.8% early in 2008;
  • Annual growth in average earnings in the three months to December 2015 was 1.9% including bonuses and 2.0% excluding bonuses.

Commenting on the UK labour market figures for February 2016, published today by the ONS, David Kern, BCC Chief Economist, said:

“Another positive set of employment figures confirms that the UK’s dynamic and vibrant labour market remains a source of strength for our economy at a time of major international and domestic headwinds.

“The fact that earnings growth remains stuck at around 2% provides confirmation that inflationary pressures remain muted, and will enable the MPC to postpone any consideration of tightening policy.

“However, if we are to continue to see a sustained improvement in labour market conditions much more needs to be done to close the UK’s skills gaps which, as our own Quarterly Economic Survey shows, are leaving companies struggling the recruit the staff they need to grow.”

Last modified on Wednesday, 17 February 2016 11:27

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