West Midlands unemployment falls by 0.5 per cent
Unemployment across the West Midlands fell by 0.5 per cent between August and October, new figures reveal today.
It was a positive quarter for the region as the employment rate grew by 0.6 per cent, while economic inactivity was 0.4 per cent lower than the May to July period, according to the Office for National Statistics.
The unemployment rate for the three-month August to October period was 4.3 per cent, falling 0.5 per cent on the previous quarter.
Nationally, unemployment increased by 0.1 per cent.
Meanwhile, job vacancies across the UK decreased for the 28th consecutive quarter, by 35,000 to 831,000.
However, they remain above pre-pandemic levels.
Annual growth in employees' average regular earnings, excluding bonuses, in Great Britain was 4.8 per cent in July to September 2024 and annual growth in total earnings, including bonuses, was 4.3 per cent.
This total annual growth is affected by the civil service one-off payments made in July and August 2023.
Annual growth in real terms, adjusted for inflation using the Consumer Prices Index, including owner occupiers' housing costs (CPIH), for regular pay was 1.9 per cent in July to September 2024, and for total pay was 1.4 per cent.
Emily Stubbs (pictured), head of policy at Greater Birmingham Chambers of Commerce, said: “Although policymakers will be pleased to see a slight uptick in employment both national and locally, the fact remains that ingrained labour market challenges are still an ongoing issue for many businesses.
"Higher wage growth is only likely to add to the cost pressures that firms face on a daily basis as evidenced in the data we've gathered for our latest Quarterly Business Report.
"The announcements made in the Autumn Budget around raising NI employee contributions and increasing the minimum wage are also only likely to exacerbate these pressures and make it more costly to hire staff.
“The Government will need to closely monitor the impact of these measures and ensure they work closely with the business community to help tackle labour market shortages and help these firms flourish and grow.”
