Jobs Growth

More evidence that we currently live in very uncertain economic times although I am getting a bit fed up with everything being blamed on Brexit! In this report we learn:

The jobs market stagnated in the three months to October, according to the latest jobs report from the Office for National Statistics, suggesting employers are finally slowing their hiring in the wake of June’s Brexit vote.

Employment fell by 6,000, which was the first decline in employment since June 2015 and only the fifth fall registered since 2011.

City of London analysts had expected employment to rise by 50,000 over the period.

Unemployment fell by 16,000, but this was due to fewer people seeking work.

The numbers aged 16 to 64 classed as “inactive” rose by 76,000 in the three months.

The unemployment rate was steady at 4.8 per cent, equal to the 11-year low hit last month.

But the more timely claimant count measure of unemployment rose by 2,400 in November, following an upwardly revised 13,300 increase in October.

Analysts were mostly downbeat about the figures.

“The UK has experienced a rapid deterioration in job creation, giving the sense that Brexit uncertainty is now becoming a drag on the economy”, said James Knightley of ING.

“Cracks are beginning to appears in the labour market,” agreed Howard Archer of IHS Global Insight.