• Privacy policy
  • T&C’s
  • FAQ
  • Meet the Team
  • About The London Economic
  • Advertise
TLE ONLINE SHOP!
NEWSLETTER
SUPPORT THE LONDON ECONOMIC
  • TLE
  • News
  • Politics
  • Opinion
  • Business
  • Sport
  • Entertainment
  • Film
  • Food
  • Lifestyle
  • Property
  • Travel
  • Tech/Auto
No Result
View All Result
The London Economic
  • TLE
  • News
  • Politics
  • Opinion
  • Business
  • Sport
  • Entertainment
  • Film
  • Food
  • Lifestyle
  • Property
  • Travel
  • Tech/Auto
No Result
View All Result
The London Economic
No Result
View All Result
Home Business and Economics Economics

Brexit – “Working people facing huge uncertainty” Economists warn of slowing growth in UK jobs

“Employment growth is showing increasing signs of fraying."

Joe Mellor by Joe Mellor
July 16, 2019
in Economics
credit;PA

credit;PA

The UK’s strong jobs market is in danger of stagnating, economists have warned as unemployment remained at a record low in the latest figures.

Data from the Office for National Statistics showed that the rate of unemployment was just 3.8%, the lowest level since 1974.

However, the increase in employment during the three months to May was the smallest since last August.

Some commentators warned that uncertainty in the British economy caused by the Brexit delay was weighing on hiring.

Howard Archer, chief economic adviser to the EY Item Club, said: “Employment growth is showing increasing signs of fraying after sustaining a strong performance at the start of the year. This has to be expected given recent soft UK economic activity, extended Brexit uncertainties, an unsettled domestic political situation and a challenging global economic environment.”

Gerwyn Davies, senior labour market analyst for the CIPD, the professional body for HR and people development, said tough times for car manufacturers and high street retailers was also contributing to rising redundancies.

“The jobs boom is finally showing signs of petering out, which should come as no surprise given the current constraints on the number of available and suitable candidates and the modest fall in labour demand,” he said.

RelatedPosts

Mario Draghi: Italy’s chance to reboot its economy

‘Worst economic crisis of any major economy’ as UK economy shrinks at fastest rate for 300 years

UK to be worst-hit G7 economy in first quarter as 2.5 million could be unemployed by end of year

Traders in meltdown as Reddit forum leaves hedge fund on the brink of bankruptcy

“It is also clear that the number of redundancies is edging up, which will have been affected by the strong headwinds facing the retail and automotive sectors.”

Meanwhile, Alpesh Paleja, principal economist at the Confederation of British Industry (CBI), said: “Despite signs that employment growth is tailing off, the labour market remains tight, with the unemployment rate at a multi-decade low. It’s encouraging that pay growth has picked up further, putting more money in people’s pockets.

“But as recent data shows, productivity remains in the doldrums. Reinvigorating efforts to boost productivity is critical. Firms must focus on innovative ways to share new ideas, invest in people and technologies.”

With pay figures showing that wages in real terms are still below the pre-financial crisis peak, TUC general secretary Frances O’Grady called on the government to support the economy.

“Wage growth is still below pre-crisis levels. Today’s figures are little consolation for workers still feeling the effects of the longest pay squeeze for 200 years.

“Working people are facing huge uncertainty. With the Bank of England expecting growth to flatline, the Government must act to support the economy.

“Ministers should raise the minimum wage to £10 as quickly as possible, and increase public investment, including on public services. And unions must have the freedom to enter every workplace to negotiate fair pay rises.”

Austerity was based on a Fairytale about Money

Since you are here

Since you are here, we wanted to ask for your help.

Journalism in Britain is under threat. The government is becoming increasingly authoritarian and our media is run by a handful of billionaires, most of whom reside overseas and all of them have strong political allegiances and financial motivations.

Our mission is to hold the powerful to account. It is vital that free media is allowed to exist to expose hypocrisy, corruption, wrongdoing and abuse of power. But we can't do it without you.

If you can afford to contribute a small donation to the site it will help us to continue our work in the best interests of the public. We only ask you to donate what you can afford, with an option to cancel your subscription at any point.

To donate or subscribe to The London Economic, click here.

The TLE shop is also now open, with all profits going to supporting our work.

The shop can be found here.

You can also SUBSCRIBE TO OUR NEWSLETTER .

Support fearless, free, investigative journalism Support fearless, free, investigative journalism Support fearless, free, investigative journalism

Subscribe to our Newsletter

View our  Privacy Policy and Terms & Conditions

Trending fromTLE

  • All
  • trending

What If We Got Rid Of Prisons?

Stress, fear and homelessness: The threat looming over families confronted with eviction

File photo dated 07/11/03 of a prison cell.

The Other Prison Pandemic

Latest from TLE

How To Make: Black Bean Chilli Mince

How To Make: Black Bean Chilli Mince

Set For Life Results Thursday 4th March 2021

Asylum seeker with leukaemia living at scandal-hit Barracks as Covid spread through site

Patel bullying case dropped after settlement but how much did it cost taxpayer?

About Us

TheLondonEconomic.com – Open, accessible and accountable news, sport, culture and lifestyle.

Read more

Address

The London Economic Newspaper Limited t/a TLE
Company number 09221879
International House,
24 Holborn Viaduct,
London EC1A 2BN,
United Kingdom

Contact

Editorial enquiries, please contact: jack@thelondoneconomic.com

Commercial enquiries, please contact: advertise@thelondoneconomic.com

SUPPORT

We do not charge or put articles behind a paywall. If you can, please show your appreciation for our free content by donating whatever you think is fair to help keep TLE growing and support real, independent, investigative journalism.

DONATE & SUPPORT

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.




No Result
View All Result
  • Home
  • News
  • Politics
  • Opinion
  • Business
  • Sport
  • Entertainment
  • Film
  • Lifestyle
  • Food
  • Property
  • Travel
  • Tech & Auto
  • About The London Economic
  • Meet the Team
  • Privacy policy

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.