Institute of Directors Comments on Unemployment Figures

Official figures released yesterday showed that the number of people in work fell by 56,000 in the three months ending in October. While a total of 325,000 net jobs had been created in the year to October, the latest three months saw a drop in employment leading to some commentators remarking that Britain’s long jobs boom appeared to be coming to an end. ONS also showed an increase in earnings growth; however pay is still lagging behind inflation leading to a continued squeeze on household incomes.

Image: Institute of Directors Headquarters.

Responding to the figures, Seamus Nevin, Head of Policy Research at the Institute of Directors highlighted that it was positive that the unemployment rate had remained at 4.3%, its joint lowest rate since 1975, showing the benefits of a flexible job market. However he went on to question if the drop in employment linked to a fall in net migration. Talking on the recent guarantee of rights from the government for EU citizens, Seamus said: “Employers will be grateful that the Government have finally agreed to guarantee the right to remain of EU citizens resident in the U.K. and we hope that, as we approach the Christmas holidays, their announcement will give these valued foreign born workers and their families the reassurance they need that Britain will remain an open and welcoming home for them in the new year and beyond.”

Image: Institute of Directors Headquarters lobby.