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Business

Kent unemployment figures for November on the rise as inflation deflates pay rises

By: Chris Britcher cbritcher@thekmgroup.co.uk

Published: 10:37, 13 December 2022

Updated: 10:38, 13 December 2022

The number of unemployed across Kent and Medway is on the rise - while nationally job vacancies are starting to dwindle.

As the nation braces itself to enter a period of recession, the provisional figures for November, published this morning by the Office for National Statistics (ONS), suggest an increase across all of our districts on October.

Unemployment has been falling in recent months - but could be about to rise

Meanwhile, the rate of UK unemployment rose to 3.7% in the three months to October, up from 3.6% in the previous quarter.

The data also showed that vacancies dropped by 65,000 in the three months to November to 1.9 million – the fifth quarterly fall in a row and the first annual fall since the beginning of last year. They remain, however, at near record highs.

Companies are now tightening their belts amid pressures across the board - as inflation sends basic operational costs soaring.

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The ONS said regular wages, excluding bonuses, rose by 6.1% in the three months to October – a record outside of the pandemic – as firms are under increasing pressure to increase earnings.

But wages continued to be outstripped by rising prices, falling by 3.9% after the Consumer Prices Index inflation - a shopping list of popular goods and services - is taken into account.

It comes ahead of official figures on Wednesday that are expected to show inflation remaining at eye-watering levels in November, but easing back to 10.9% from 11.1% in October.

In a change to the way we have presented the figures in the past on KentOnline, the latest confirmed and adjusted figures for October showed a slight dip in unemployment across Kent and Medway.

The figures revealed 36,650 out of work. However, provisional figures for November suggest a rise of almost 1,000. Those figures, however, are subject to change. We will confirm those figures next month.

Reacting to the latest figures, Jo James, chief executive of the Kent Invicta Chamber of Commerce said: "These figures show the tightness in the UK labour market is not shifting significantly.

“Job vacancies remain at record highs, adding to the recessionary pressure businesses are facing.

Kent Invicta Chamber of Commerce chief executive, Jo James

“We have urged the government to immediately reform the Shortage Occupations List. This will help businesses fill urgent job vacancies from abroad when they cannot recruit skilled people locally.

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“While some over-50s are returning to work, firms need to invest much more in training and upskilling, and politicians need to be realistic about the skills we need from outside the UK.

“It’s time for a sensible debate that looks beyond the headline immigration figures, as these include students and are skewed. They don’t reflect the real-life situation facing employers up and down the country.

“Brexit has given us control of our borders and government must use the appropriate levers to help struggling businesses get the people they need.

“It’s no use talking about growth if we are not prepared to take action on it.”

Chancellor Jeremy Hunt

Chancellor Jeremy Hunt said of the figures: “While unemployment in the UK remains close to historic lows, high inflation continues to plague economies around the world as we manage the impacts of Covid-19 and Putin’s invasion of Ukraine.

“To get the British economy back on track, we have a plan which will help to more than halve inflation next year - but that requires some difficult decisions now. Any action that risks embedding high prices into our economy will only prolong the pain for everyone, and stunt any prospect of long-term economic growth.

“With job vacancies at near record highs, we are committed to helping people back into work, and helping those in employment to raise their incomes, progress in work, and become financially independent.”

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