Percentage of workforce without jobs in region at all-time low
Reporter UNEMPLOYMENT in the North East has reached a record low, according to the latest Government figures.
For the period from September to November 2017, the joblessness total for the region was 68,000 or 5.2% of the workforce, a fall of 7,000 on the previous quarter and 20,000 over the year.
This compares with a rate of 4.3% nationally, while the highest joblessness rate was in the West Midlands at 5.5%.
Employment in the North East stands at 1,229,000, or 72.2% – an increase of 11,000 over the quarter and 34,000 over the year. This compares with a rate of 75.3% nationally.
Paul Carbert, policy adviser for the North East England Chamber of Commerce, said: “More positive news this month and a continuation of the recent trend, with healthy falls in unemployment and rises in employment.
“The unemployment rate for the North East this quarter is at a record low.
“As the labour market tightens, we need to ensure that workers can acquire the skills required by businesses to drive forward growth.”
Meanwhile, Work and Pensions Secretary Esther McVey, said: “We had a record-breaking 2017 for employment, and I’m delighted to see this trend continue as we enter the new year.
“The number of people in work is at an alltime high and the unemployment rate has not been this low for over 40 years.”
The Office for National Statistics (ONS), which published the figures, said workers’ earnings, excluding bonuses, rose by an annual 2.4% in the three months to November, the biggest increase since December 2016. The rise was 2.3% in the three months to October.
Including bonuses, pay growth remained at 2.5%.
ONS statistician David Freeman said: “Nevertheless, inflation remains higher than pay growth and so the real value of earnings continues to decline.”
Wages, adjusted for inflation, remain below their levels of before the financial crisis of 200709.