As the job market recovers and job vacancies exceed pre-pandemic levels, AY is booming.
Today’s data from the National Bureau of Statistics of the United Kingdom shows that wages in the quarter ended May increased by 7.3%, higher than economists expected.
This shows that employers are trying to attract employees and raise wages when the economy reopens. It can also cause inflation.
The Office of National Statistics (ONS) in the United Kingdom stated that 862,000 jobs were provided between April and June, an increase of 77,500 from the first three months of 2020.
The National Bureau of Statistics of the United Kingdom stated that this growth was driven by the “hotel, wholesale and retail industry”.
Yael Selfin, chief economist at KPMG UK, said: “The labor market is struggling to cope with the pace of reopening.
“The demand for new employees seems to be far ahead of the number of job seekers, which shows that the labor market in many industries remains tight throughout the summer.”
Suren Thiru, head of BCC’s economics, said:
“The increase in job vacancies confirms the continued efforts to recruit employees. The recruitment difficulties faced by companies far exceed temporary bottlenecks, and many companies are facing ever-increasing skills gaps, and staff shortages may drag down any recovery.
“The reopening in July will further boost labor demand. However, the UK job market is entering a more turbulent period, with the gradual end of vacation plans and the return of those who stopped looking for work during the epidemic due to the end of restrictions. Jobs, the unemployment rate may rise slightly in the near future.”
