According to official figures, the number of workers on UK payrolls leapt by 160,000 in October with no sign of a significant increase in redundancies despite the furlough support scheme coming to an end, Mirror reports.
The UK unemployment rate also fell once more to 4.3 per cent between July and September, down from 4.5 per cent between June and August, in spite of the scheme's September 30 closure.
The ONS said survey responses so far suggest only a small number of redundancies have been made among the 1.1 million people still on furlough when the scheme closed.
Sam Beckett - ONS head of economic statistics - said, "It might take a few months to see the full impact of furlough coming to an end, as people who lost their jobs at the end of September could still be receiving redundancy pay.
"However, October's early estimate shows the number of people on the payroll rose strongly on the month and stands well above its pre-pandemic level."
Ms Beckett added, "There is also no sign of an upturn in redundancies and businesses tell us that only a very small proportion of their previously furloughed staff have been laid off."
Additionally, the data showed that job vacancies reached a new record high; up 388,000 between August and October to 1.17 million as the reopening of the economy continued to drive demand for recruitment.
James Reed - head of recruitment agency Reed - said, “The latest ONS employment figures describe the labour market before furlough ended when one million workers were believed to have still been supported by the scheme.
"There were concerns at the time of a potential hike in the unemployment rate.
"However, our figures suggest these concerns may have been misplaced as the jobs boom continues at pace with record numbers of new jobs posted on Reed including 168,000 in the first two weeks of November; 105% up on 2020 and 58% up on 2019.
“This ongoing rise in job vacancies is a positive sign of the economy’s continued revival. Rapid job creation means there are plenty of opportunities to go around, and not just for those recently off furlough, but also for others who have faced long or short-term unemployment as well as those already in work who are seeking a new challenge."
Reed's figures show seven out of ten workers registered are actively looking for a new job or open to opportunities.
“In the face of recent labour shortages, the end of furlough may have given employers a boost. However, in order to attract and retain the top talent in a crowded labour market, many businesses will need to improve working conditions - including offering flexible working arrangements which have been popularised since the start of the pandemic - as well as offering more competitive salaries.
“The government is also relaxing visa restrictions for employers to hire from abroad for those sectors most in need of workers. However, a long-term strategy to reskill and upskill our domestic workforce for the jobs of the future is also necessary,” Mr Reed said.
Source: Mirror
(Quotes via original reporting)
According to official figures, the number of workers on UK payrolls leapt by 160,000 in October with no sign of a significant increase in redundancies despite the furlough support scheme coming to an end, Mirror reports.
The UK unemployment rate also fell once more to 4.3 per cent between July and September, down from 4.5 per cent between June and August, in spite of the scheme's September 30 closure.
The ONS said survey responses so far suggest only a small number of redundancies have been made among the 1.1 million people still on furlough when the scheme closed.
Sam Beckett - ONS head of economic statistics - said, "It might take a few months to see the full impact of furlough coming to an end, as people who lost their jobs at the end of September could still be receiving redundancy pay.
"However, October's early estimate shows the number of people on the payroll rose strongly on the month and stands well above its pre-pandemic level."
Ms Beckett added, "There is also no sign of an upturn in redundancies and businesses tell us that only a very small proportion of their previously furloughed staff have been laid off."
Additionally, the data showed that job vacancies reached a new record high; up 388,000 between August and October to 1.17 million as the reopening of the economy continued to drive demand for recruitment.
James Reed - head of recruitment agency Reed - said, “The latest ONS employment figures describe the labour market before furlough ended when one million workers were believed to have still been supported by the scheme.
"There were concerns at the time of a potential hike in the unemployment rate.
"However, our figures suggest these concerns may have been misplaced as the jobs boom continues at pace with record numbers of new jobs posted on Reed including 168,000 in the first two weeks of November; 105% up on 2020 and 58% up on 2019.
“This ongoing rise in job vacancies is a positive sign of the economy’s continued revival. Rapid job creation means there are plenty of opportunities to go around, and not just for those recently off furlough, but also for others who have faced long or short-term unemployment as well as those already in work who are seeking a new challenge."
Reed's figures show seven out of ten workers registered are actively looking for a new job or open to opportunities.
“In the face of recent labour shortages, the end of furlough may have given employers a boost. However, in order to attract and retain the top talent in a crowded labour market, many businesses will need to improve working conditions - including offering flexible working arrangements which have been popularised since the start of the pandemic - as well as offering more competitive salaries.
“The government is also relaxing visa restrictions for employers to hire from abroad for those sectors most in need of workers. However, a long-term strategy to reskill and upskill our domestic workforce for the jobs of the future is also necessary,” Mr Reed said.
Source: Mirror
(Quotes via original reporting)