Post Brexit labour market figures give jobseekers reason to be optimistic
Many jobseekers and workers held their breath after the UK made the decision to leave the EU back in June this year, but the UK labour market outlook still continues to look rosy for candidates seeking new job opportunities.
The Office of National Statistics data actually showed a reduction in unemployment in July where unemployment fell to 4.7%, and the UK labour market has shown to be resilient post Brexit as there has yet to be a significant effect on unemployment figures.
The ONS have said that the figures, which only cover one month since the result of the EU referendum, show “continuing improvement” in the jobs market. This has showed that the post Brexit economy has fared much better than many economists had initially hoped, and that the UK labour market has continued to be resilient despite the outcome of the referendum.
A year ago, the UK unemployment rate stood at 5.5%, which has further decreased to 4.9% this year meaning that almost three quarters of people who are able to work have jobs. This record high rate gives an optimistic outlook to those currently in employment or those who are seeking to re-join the UK workforce.
Interestingly, the statistics gathered from the recent survey have shown an increase in people falling into the self-employment category and that the number of workers in the private sector is also on the up. However, the public sector has shown a slight decrease in the number of employees over the last twelve months.
These unemployment estimates come from the Labour Force Survey where the Office of National Statistics surveys 40,000 households every three months to ascertain the employment status of all household members.
Although it is a very large survey, there is still a margin of error. The ONS says it is 95% confident that the figure of a 39,000 fall in unemployment is correct to within 78,000.