October 20, 2021
Markets

UK job vacancies hit record as labour market tightens

Britain’s labour market is now at its tightest in more than four decades, with fewer unemployed people for each job vacancy than before the pandemic, according to the latest official figures.

The Office for National Statistics said on Tuesday that the number of open jobs rose to a record high of 1,102,000 in the three months to August, while the average unemployment rate for the period fell to 4.5 per cent from 4.9 per cent in the previous three-month period.

The vacancies matched or exceeded pre-pandemic levels in all sectors and come as Bank of England policymakers grow more concerned about building inflationary pressures in the economy.

The increase means the ratio of jobless people to open jobs — which rose to 4.1 at the peak of the pandemic — stood at 1.45, below its pre-pandemic level.

Addressing the figures, the CBI said that “companies have found hiring difficult…

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