UK Construction jobs vacancies rise, wages remain flat

The number of advertised Construction jobs in Britain rose to its highest level in four years, according to a survey recently released by a jobs website, another sign that the economic recovery is gaining momentum. Using data from around 150,000 vacancies advertised on a recruitment company’s website data showed that vacancies grew 24 percent on an annual basis to hit the highest number since the launch of the index in 2009. However, wages remained stagnant for a third month, it found.

Unemployment

Currently 7.7 percent, has become one of the closest watched economic indicators since the Bank of England said it would not think about raising interest rates from a record low until the jobless rate falls to 7 percent. Data indicated that construction jobs prospects were improving across all regions in the UK and in a range of industries.

Vacancies

In manufacturing and retail rose by 32 percent and 31 percent respectively compared to the same period last year. The construction and property sector saw a 78 percent year-on-year rise in vacancies.

According to the Office for National Statistics

Estimates from the Labour Force Survey show that, between July to September 2016 and October to December 2016, the number of people in work increased, the number of unemployed people was little changed, and the number of people aged from 16 to 64 not working and not seeking or available to work (economically inactive) decreased. There were 31.84 million people in work, 37,000 more than for July to September 2016 and 302,000 more than for a year earlier.

There were 23.29 million people working full-time, 218,000 more than for a year earlier. There were 8.55 million people working part-time, 84,000 more than for a year earlier. The employment rate (the proportion of people aged from 16 to 64 who were in work) was 74.6%, the highest since comparable records began in 1971.