LONDON: Job vacancies in the UK have surged to their highest recording level, official numbers show Tuesday, in further marks that the British economy rebounded more than anticipated after the appointment of restrictions on Coronavirus.
With the unemployment rate that falls further and the number of people in payrolls is increasing further to the pre-pandemic level, the wage pressure is clearly building – the development suggested by the financial market will lead the Bank of England to raise interest rates faster than previously estimated, especially if more Continue amazing inflation high.
The National Statistics Office revealed that the total job vacancies rose 290,000 between May and July from the previous three months, to 953,000.
It was the highest level because the record began in 2001.
Increased vacancies came during the period when most of the limiting locking was lifted across England after a quick vaccine slide.
Increased job openings are very clear in these sectors, such as art companies, recreation and food services, which suffer most during several locking in the UK.
In more encouraging news, the agency said the number of people at a salary rose 182,000 between June and July, with a total of 28.9 million.
Still the total number was still lower in 201,000 than before the pandemic attacked in March 2020.
“Today’s figures indicate that recovery continues to gain momentum through spring when restrictions subside,” said Tony Wilson, Director of the Labor Study Institution.
“Simply put, the supply of labor cannot follow the employer’s request.” The latest numbers have raised hopes that the British government’s decision to end the salary support scheme that was introduced at the beginning of the pandemic would not lead to the loss of great work.
Under the retention scheme of work, the government pays 80% of salary.
From workers cannot work because of locking steps.
The program, which is being removed and caused by completion at the end of September, helped support more than 11 million people but the number is now under 2 million sectors as many sectors may have reopened, especially hospitality.
“There are no signs of redundancy, starting in our survey data ahead of the leave scheme starting to end,” Jonathan Athow said from the statistics.
As often happens, more recruitment in the economy leads to a higher payment appreciation.
Tuesday data showed annual wage growth including a bonus of 8.8% higher, or 7.4% without a bonus, for three months to June.
With wages soaring, there may be further uptick in inflation as a benefit of a higher payment award spending more.
Inflation has risen quickly at the back of higher energy costs and the Bank of England hopes to increase to 4% this year, which will be the highest level since 2011 and doubled its target.