Job market continues gradual recovery but vacancies remain high - Chamber

The West Midlands job market is continuing its gradual recovery - with unemployment falling by 0.2 per cent and employment rising by 0.3 per cent.

However, the Labour Market Statistics for September to November 2021 also reveal a record high in job vacancies, with businesses still struggling to access the right talent.

Nationally, the number of job vacancies in October to December 2021 climbed to 1,247,000 - an increase of 462,000 from the pre-pandemic level in January to March 2020.

Greater Birmingham Chambers of Commerce said that while the gradual improvement in job figures is positive, the statistics do not yet reflect the impact of the Omicron variant.

Emily Stubbs (pictured), policy and projects manager at Greater Birmingham Chambers of Commerce, said: “These latest figures from ONS show a continuing recovery in the regional labour market towards the end of last year, however, for the most part, they do not yet reflect the significant disruption to trade caused by the Omicron variant of Covid-19 and subsequent restrictive measures.

“These statistics also reveal a new record high in job vacancies, as employers remain unable to access the talent they need, though vacancy numbers are now growing more slowly than they were last summer.

“The minimal growth seen in real pay, particularly in November, is reflective of the severe cost pressures many firms are currently facing following recent rises in inflation.

“The Chamber 's final Quarterly Business Report for 2021, providing an up-to-date snapshot of the performance of the Greater Birmingham business community, including additional insights on cost pressures and recruitment difficulties, is launching tomorrow evening and I highly encourage interested readers to virtually attend. ”

The launch of the GBCC 's final QBR for 2021 will take place online tomorrow. Register your place now.

Read the Chamber's letter to Chancellor Rishi Sunak.