Chamber comment on employment stats
Date published:
Callum George, Policy Adviser at the North East England Chamber of Commerce, said:
The ONS employment figures released today show a loosening of the regional labour market, although gaps compared to the national average remain.
Between September and November 2022, the unemployment rate in the North East for those aged 16+ was 1% higher than the national average. Similarly, the economic inactivity rate for people aged 16-64 in the North East remained higher than the national average, by 3.3%. The North East’s employment rate for those aged 16-64 was 4.1% lower than the national average.
In the North East, the employment rate has improved by 0.3% compared to June-August 2022. Economic inactivity has also improved by 0.6%. However, the unemployment rate has increased by 0.3%.
In last month’s reaction to employment figures, we said that the unemployment rate would be worth keeping an eye on as the recession deepens. We know from our most recent Quarterly Economic Survey, that staff costs are one of employers’ main concerns going into 2023.
We know that Prime Minister Sunak is determined to get people who are economically inactive back into the workforce, which is extremely important. However, if unemployment rates and financial pressures continue to worsen, businesses may also need more support in maintaining their current workforce.
Notes
Data published by the ONS shows between September and November 2022, the unemployment rate in the UK for ages 16+ was 3.7%. In the North East this was higher, at 4.7%.
The UK’s employment rate for ages 16-64 was 75.6%. In the North East this was lower, at 71.5%.
The UK’s economic inactivity rate for ages 16-64 was 21.5%. In the North East this was higher, at 24.8%.