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Job Vacancies Top 1 Million As Economy Recovers From Crisis | Business news

The number of job vacancies has surpassed 1 million for the first time as the economy recovers from the pandemic.

Figures released by the Office for National Statistics (ONS) also showed the number of employees on the payroll increased by 182,000 over the past month.

Meanwhile, the overall unemployment rate for the three months to June fell to 4.7% from 4.8% in the previous month.

At the same time, annual regular wage growth – a measure that has been skewed in recent months due to the impact of the pandemic on the labor market – rose to 7.4%.

Chancellor Rishi Sunak said the numbers showed the government’s plan for jobs was working, adding, “I know there might still be bumps on the road but the data looks promising.”

The numbers come after that GDP data last week showed that the economy recovered in the second quarter with growth of 4.8%.

According to the ONS job market update, vacancies hit a record 953,000 in the three months to July, 168,000 more than before the pandemic.

One-month vacancy estimates showed that the number topped the 1 million mark for the first time last month.

Jonathan Athow, ONS Deputy National Statistician for Economic Statistics, said: “The world of work continues to recover robustly from the effects of the pandemic.

“The number of employees on the payroll has risen sharply again, rising to over half a million in the past three months, recovering about four-fifths of the decline at the start of the pandemic.

“Meanwhile, early polls show that the number of job vacancies exceeded one million for the first time in July.”

Mr Athov added that there is no evidence of layoffs starting before the government’s vacation schedule expires.

This could allay fears that the taxpayer payoff for jobs will turn pandemic temporary layoffs into permanent.

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