New figures out by the Office of National Statistics shows that record numbers of people are currently in work. Figures also show employment increased by 222,000 in the quarter to January to 32.7 million, the highest since records began in 1971.
To add pressure to companies seeking to hire talent, the UK’s jobless rate has also fallen below 4 per cent (to 1.34 million) for the first time since 1975, well below the EU average of 6.5 per cent. Meanwhile, the number of job vacancies in the economy increased by 4,000 to 854,000.
Breaking things down in our North West region, the number of people unemployed is down 19,000 to 131,000.
These figures mean skills shortages look set to increase and whilst average earnings increased by 3.4 per cent in the year to January, which is down by 0.1 per cent on the previous month, they are still outpacing inflation.