West Midlands jobs market showing signs of recovery - Chamber
The West Midlands jobs market is showing signs of recovery - with both employment and unemployment rates improving year-on-year, according to new figures released today.
According to the Office for National Statistics (ONS), the West Midlands had the biggest change in employment rate of any region compared to the same period last year.
Employment reached a record high 75.7 per cent - up 2.7 per cent from 12 months earlier.
Unemployment also fell by 1.3 per cent, while the economic activity rate fell 1.6 per cent.
However, unemployment did rise by 0.2 per cent in the August to October 2021 period.
Nationally, job vacancies reach a new record of 1.31m in the December to February period - an increase of 105,000 from the previous quarter.
And UK wage growth failed to keep up with the rising cost of living.
Wages rose, but when taking rising prices into account, regular pay showed a 1 per cent fall from a year earlier.
Employees' regular pay, excluding bonuses, grew by 3.8 per cent between November and January from a year earlier.
However, the rising cost of food, energy and household goods has pushed inflation, which measures how the cost of living changes over time, to a 30-year high.
Prices surged by 5.5 per cent in the 12 months to January, up from 5.4 per cent in December, increasing pressure on household budgets.
Emily Stubbs (pictured), policy and campaigns manager at Greater Birmingham Chambers of Commerce, said: “It is highly encouraging to see that the West Midlands has reached a record high employment rate, even following a tumultuous past few years as a result of the coronavirus pandemic.
“Nevertheless, we must not lose sight of the significant challenges that remain, including continued record high vacancies, indicative of significant skills gaps as a relatively high proportion of the local population remain unable to access opportunities in the region, and the relative decline in total pay for those in work as a result of increased cost pressures on businesses and high rates of inflation.
“As businesses navigate these challenging economic circumstances, the Chamber 's Growth Through People campaign aims to share best practice advice and guidance on boosting leadership and people management skills, for businesses to most effectively attract, upskill and unlock the potential of talented individuals and increase productivity.
“I highly encourage interested readers to attend our upcoming Growth Through People events and webinars and our Growth Through People Conference on 30th March. ”
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