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South West Jobs Market Remains Buoyant

The latest data released by the Office for National Statistics today (16th November) found that in the three months to September 2016:

South West unemployment fell by 0.1% to 109,000.
Unemployment in the region stands at 3.9%, well below the national average.
National unemployment fell by 37,000 to 4.8%.

Commenting on the labour market statistics, Phil Smith, Managing Director of Business West, said:

"These latest figures show the jobs market in the South West continued to hold firm over the summer and remains a source of strength for our region. It’s also pleasing to see that the unemployment rate nationally is at its lowest since 2005.

While these figures are to be welcomed, now is no time for complacency. The rate of job growth slowed over this period and, as the labour market shows signs of tightening, employers across the West Country may well begin to see issues around skills availability and wage pressures emerging.

In a period still marked by unprecedented uncertainty, and with economic growth expected to slow in 2017, businesses want to see concerted action from government to boost confidence. In his first Autumn Statement next week, the Chancellor has the opportunity to deliver just that, and to pull out all the stops to support business confidence. Only then will firms across our region be best placed to repay him with investment, hiring and growth.”