{"id":29225,"date":"2022-02-15T18:30:16","date_gmt":"2022-02-15T18:30:16","guid":{"rendered":"https:\/\/cardiffjournalism.co.uk\/cjsnews\/?p=29225"},"modified":"2022-02-17T19:46:00","modified_gmt":"2022-02-17T19:46:00","slug":"the-dangers-of-a-recovering-economy-as-unemployment-in-wales-falls-to-3-1","status":"publish","type":"post","link":"https:\/\/cardiffjournalism.co.uk\/cjsnews\/the-dangers-of-a-recovering-economy-as-unemployment-in-wales-falls-to-3-1\/","title":{"rendered":"The dangers of a recovering economy as unemployment in Wales falls to 3.1%"},"content":{"rendered":"\n<p>Employment in Wales remains below the UK average, the latest data shows. <\/p>\n\n\n\n<p>Unemployment on average in the UK is currently 4.1%, which is above Wales&#8217; 3.1%, according to data from the Office for National Statistics (ONS).  <\/p>\n\n\n\n<p>That&#8217;s the lowest it has been since before the pandemic, in the recording period April to June 2020.<\/p>\n\n\n\n<p>There were 47,000 people unemployed in this period, a fall of 0.7% from the previous quarter.<\/p>\n\n\n\n<p>During the pandemic, Wales had fewer unemployed people when compared to the UK average. \u00a0<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/cardiffjournalism.co.uk\/cjsnews\/wp-content\/uploads\/sites\/11\/2022\/02\/Employment-rate-in-UK-vs-Wales-New-1-2.png\" alt=\"\" class=\"wp-image-29231\" width=\"770\" height=\"372\" srcset=\"https:\/\/cardiffjournalism.co.uk\/cjsnews\/wp-content\/uploads\/sites\/11\/2022\/02\/Employment-rate-in-UK-vs-Wales-New-1-2.png 791w, https:\/\/cardiffjournalism.co.uk\/cjsnews\/wp-content\/uploads\/sites\/11\/2022\/02\/Employment-rate-in-UK-vs-Wales-New-1-2-300x145.png 300w, https:\/\/cardiffjournalism.co.uk\/cjsnews\/wp-content\/uploads\/sites\/11\/2022\/02\/Employment-rate-in-UK-vs-Wales-New-1-2-770x373.png 770w, https:\/\/cardiffjournalism.co.uk\/cjsnews\/wp-content\/uploads\/sites\/11\/2022\/02\/Employment-rate-in-UK-vs-Wales-New-1-2-293x142.png 293w\" sizes=\"auto, (max-width: 770px) 100vw, 770px\" \/><noscript><img decoding=\"async\" src=\"https:\/\/cardiffjournalism.co.uk\/cjsnews\/wp-content\/uploads\/sites\/11\/2022\/02\/Employment-rate-in-UK-vs-Wales-New-1-2.png\" alt=\"\" class=\"wp-image-29231\" width=\"770\" height=\"372\" srcset=\"https:\/\/cardiffjournalism.co.uk\/cjsnews\/wp-content\/uploads\/sites\/11\/2022\/02\/Employment-rate-in-UK-vs-Wales-New-1-2.png 791w, https:\/\/cardiffjournalism.co.uk\/cjsnews\/wp-content\/uploads\/sites\/11\/2022\/02\/Employment-rate-in-UK-vs-Wales-New-1-2-300x145.png 300w, https:\/\/cardiffjournalism.co.uk\/cjsnews\/wp-content\/uploads\/sites\/11\/2022\/02\/Employment-rate-in-UK-vs-Wales-New-1-2-770x373.png 770w, https:\/\/cardiffjournalism.co.uk\/cjsnews\/wp-content\/uploads\/sites\/11\/2022\/02\/Employment-rate-in-UK-vs-Wales-New-1-2-293x142.png 293w\" sizes=\"(max-width: 770px) 100vw, 770px\" \/><\/noscript><figcaption>The unemployment rate in Wales compared to the UK average. Source: ONS<\/figcaption><\/figure>\n\n\n\n<p>Despite falling unemployment, January was another record month for vacancies, with 1,298,400 across the UK. \u00a0<\/p>\n\n\n\n<p>The Resolution Foundation suggests one reason for the increased vacancies could be because of an increase in the economically inactive population. \u00a0These are people such as students and the retired.<\/p>\n\n\n\n<p>Wales has had an above-average economic inactive population during the pandemic but the latest figures reveal a decrease of 1.1 per cent &#8211; the largest in the UK in January. <\/p>\n\n\n\n<p>Hannah Slaughter, a senior economist at the Resolution Foundation,  warns of the challenges the economic inactive bring.<\/p>\n\n\n\n<p>\u201cEven though we have high unemployment and high vacancies, we should be seeing employees competing for workers and driving up pay, she said.  <\/p>\n\n\n\n<p>&#8220;We are not seeing that so far. It\u2019s worth keeping an eye on because if that does happen &#8211; if employers are having to raise pay and they might raise prices to keep up with their wage bills &#8211; we could see more pressure on inflation. But so far we are not seeing that happening.<\/p>\n\n\n\n<p>\u201cWe\u2019re seeing a lot more people leaving the workforce entirely and the challenge will be to bring those people back in and help those return to work if they want to.<\/p>\n\n\n\n<p>However, the Resolution Foundation warns if employers start raising wages to compete for workers, this could further feed inflation rises.<\/p>\n\n\n\n<p>The UK is facing a pay squeeze due to rising inflation because pay increases won\u2019t be able to keep up with the faster rising cost of living.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Resolution Foundation warns if employers start raising wages to compete for workers, that could feed inflation rises.<\/p>\n","protected":false},"author":785,"featured_media":29226,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[35,6],"tags":[21,276,839,625,34,104],"coauthors":[823],"class_list":["post-29225","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest","category-news","tag-cardiff","tag-covid-19","tag-resolution-foundation","tag-unemployment","tag-wales","tag-welsh-government"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.2 - 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