More than a million job vacancies for first time
By Richard Wright | 17th August 2021
The number of job vacancies has topped a million for the first time, as the economy recovers from Covid restrictions.
According to new data from the Office for National Statistics, growth in the single month vacancy estimates and Adzuna online job adverts show vacancies surpassed their pre-Covid levels in July 2021, with the single-month vacancy estimates now exceeding 1,000,000.
The figures are backed up by businesses, particularly in the hospitality and retail sectors, who have reported difficulty in recruiting staff as the economy opened up after lockdown.
The ONS says the number of payroll employees showed another monthly increase, up 182,000 to 28.9 million in July 2021. But this is still 201,000 below pre-COVID pandemic levels.
In the latest period (April to June 2021), there was a quarterly increase in the employment rate of 0.3 percentage points, to 75.1%, and a decrease in the unemployment rate of 0.2 percentage points, to 4.7%. The economic inactivity rate is also down 0.2 percentage points on the previous quarter, to 21.1%.
With the relaxation of many Covid restrictions, total hours worked increased on the quarter, however, it is still below pre-Covid levels. The redundancy rate decreased on the quarter and has returned to levels seen before the crisis hit.
There were an estimated 953,000 job vacancies in the three month period from May to July 2021, a record high, having grown by 290,000 compared with the previous quarter and 168,000 more than its pre-Covid level (January to March 2020).
Growth in average total pay (including bonuses) was 8.8% and regular pay (excluding bonuses) was 7.4% in April to June 2021.
There has been a fall in the number and proportion of lower-paid employee jobs so increasing average earnings.
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