Commenting on the labour market figures for October 2016 published today by the ONS...
• In the three months to August 2016, employment rose by 106,000 and unemployment increased by 10,000
• The unemployment rate was 4.9%, down from 5.4% a year ago
• The claimant count in September 2016 rose by 700 compared with August 2016
Commenting on the labour market figures for October 2016, published today by the ONS, Mike Spicer, Director of Economics at the British Chambers of Commerce (BCC) said:
“The increase in employment is welcome, offsetting the rise in unemployment. However, it is important to note that it is the first rise in unemployment for a while, and the rise in employment was smaller than seen in recent quarters.
“The post-referendum labour market picture is unlikely to fully emerge for some time, but our own survey data suggests that businesses have lowered their expectations over hiring more staff, and investing.
“Next month’s Autumn Statement is a great chance for the government to pull out all the stops to support business confidence – and firms will repay that backing with investment, hiring, training and export growth.”