UK employment climbs to new high

Описание: Employment unexpectedly increased and hit a new record high in the three months to October, despite Brexit uncertainty and a string of new warning signs over Britain’s economic health.

The latest official jobs figures from the Office for National Statistics (ONS) published on Tuesday show unemployment still near record lows at 3.8%, unchanged on the previous quarter. Some economists had expected it to tick up 0.1 percentage points.

The official employment rate rose to a record high of 76.2% between August and October 2019. Employers kept on hiring even in a period of heightened political uncertainty in the lead-up to Britain’s previous October Brexit deadline.

The number of people in work rose by 24,000 over the quarter. Some economists believe uncertainty and Britain’s flexible labour market has encouraged hiring to meet short-term needs at the expense of long-term investments, with workers easier to lay off than bigger projects are to reverse if conditions decline.

Such trends could help explain Britain’s struggle to improve productivity since the financial crisis, which is widely seen to have held back economic growth and, until recently, held down pay levels.

Both male and full-time employment rose, but the female and part-time workforces fell.

The figures are likely to be welcomed by prime minister Boris Johnson after his return to power following a comprehensive election victory last week.

Johnson’s decisive win also sparked a stock market surge and was welcomed by many business leaders, after fears eased of more Brexit deadlock and a radical Labour government.

Work and pensions minister Thérèse Coffey highlighted rising employment in six of nine UK regions, perhaps reflecting increased focus on the north and the Midlands after the Conservatives’ election gains.

“As we head into 2020 I’m clear that the focus of this government is on levelling up opportunities and aspiration across the entire United Kingdom,” she said.

But the data comes hot on the heels of a string of recent bleak updates on the health of the UK economy, amid a global economic slowdown and heightened uncertainty over Brexit.

Michael Hewson, chief market analyst at CMC Markets UK, said before the release recent data showed the economy had “stalled.”

He said any rise in unemployment beyond the 4% mark in the near-future could become a “big worry,” adding: “This will be something that the new UK government will want to avoid having seen such a solid swing towards them in the latest election from some key traditionally working class seats.”

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