Labour Market Statistics released today show that unemployment has reached its lowest point since before the crash. But whilst the summer months have seen a welcome flurry of jobs, wages and productivity continue to stagnate.
Mark Beatson, Chief Economist at the Chartered Institute of Personnel and Development (CIPD), said of the data: “At a time when many other European countries are struggling to create jobs, this is a considerable achievement. However, the new figures also show that pay growth remains very subdued and well below all measures of price inflation, so the improvements in productivity and pay that we are all looking for are still not in sight. Employers need to take advantage of the currently favourable recruitment climate to invest in upskilling their business and its people.”
The report, released by the Office for National Statistics, revealed that recent employment growth has slowed slightly in comparison to the previous three quarters, but succeeded in restoring UK unemployment figures to their 2008 levels.