mpc:
7
volatile than LFS employment. Most of the increase in LFS employment had been in full-time
employment, which rose by 62,000 (0.3%). Part-time employment had risen by 4,000 (0.1%). As a
result, employment growth in full-time equivalent terms had also increased. Total hours worked had
fallen by 0.3% in the three months to October compared with the previous three months, and average
hours had fallen.
A26
Workforce jobs had been revised following the annual benchmarking exercise to make the data
consistent with the most recent Annual Employment Survey. The impact of these revisions on the data,
however, had been relatively small. Annual productivity growth, calculated using workforce jobs, had
increased 0.5 percentage points in Q3, to 1.2%.
A27
Survey data confirmed the weaker picture on employment growth. The CIPS manufacturing
survey in December had shown manufacturing employment falling again, after two months of stability.
In the CIPS services and construction surveys employment had continued to grow, but more slowly than
in recent months. The Manpower survey for Q4 had indicated a slowdown in employment growth in all
sectors.
A28
Despite the weaker employment growth, skill shortages persisted. The Recruitment and
Employment Confederation (REC) survey in December had shown that shortages of agency staff had
increased again. Similarly, the Bank's Agents had reported that skills shortages persisted and, in some
areas, had worsened. New vacancies reported to jobcentres had also fallen in November, while outflows
(including placings) had risen, although both flows were volatile.
A29
Unemployment had continued to fall on both the LFS and claimant count measures. LFS
unemployment had fallen by 12,000 and the unemployment rate by 0.1 percentage point in the three
months to October compared to the previous three months. Claimant count unemployment had fallen by
10,600 in November from the previous month. Short-term LFS unemployment had fallen a little, while
long-term unemployment had risen. Dispersion of unemployment rates across regions had declined
slightly in Q3. However, dispersion of unemployment rates at the county and travel-to-work area level
suggested that regional data may understate the increase in dispersion in recent years.
Make a comment: