Member Article

Employment in Yorkshire and The Humber at record high

Employment levels in Yorkshire and The Humber are at a record high, despite the region’s affliction by 8.4% unemployment, the second highest rate in the country.

Data from the Office of National Statistics (ONS) shows over 71.6% of the region’s populace are employed in Yorkshire and The Humber. That is over 2.556 million people - a rise of 1.1% in the three months to November 2013.

Unemployment has decreased 3.2% to 234,822 in the same period.

Only the North East has higher unemployment (10.3%).

Andrew Hunter, co-founder of Adzuna, a jobsearch website, commented: “Employment in Yorkshire and the Humber has hit a record high. Hull was one of the hardest cities to find a job during 2013, with 32 jobseekers fighting it out for each vacancy, which was dragging down employment in the region.

“But the local labour market is turning a corner now, with unemployment falling quickly. In the last quarter alone, it decreased by 0.3%. Being named as the next UK City of Culture could encourage further investment in Hull, and improve prospects for jobseekers further.”

The UK unemployment rate for 16-64 year olds is 7.1% (2.32 million), close to the point at which the Bank of England has said it will consider raising interest rates.

The Bank will consider increasing rates from 0.5% when unemployment hits 7%.

But economic forecasting group The EY Item Club has called on Bank of England governor Mark Carney to keep interest rates as they are until wages begin to increase beyond the rate of inflation.

The ONS statistics also showed the number of people claiming jobseeker’s allowance in Yorkshire and The Humber fell by almost one percentage point - over 31,000 - to 127,991.

Minister of State for Trade and Investment Lord Livingston has said medium-sized companies with turnovers of £25-250 million don’t get the attention they deserve, unlike in Germany. A pilot scheme offering export advice begins in Yorkshire and the North East today and then rolls out across the country.

This was posted in Bdaily's Members' News section by Graham Vincent .