The latest data released from Q3 shows that Warwickshire’s labour market continues to thrive, which is great news for businesses and residents alike. The employment rate is shifting positively upwards, consistently outperforming regional and national averages. Data suggests that this trend is being fuelled by strong job demand amongst businesses with a higher-than average share of jobs advertised in need of high-skilled occupations.
On the supply-side, the high employment rate has contributed to a growing labour force participation rate which implies that the labour supply available locally is increasing. About eight in ten working-age residents in Warwickshire are economically active which, if the trend continues, will lead to resilient growth, living standards and wellbeing. As more of the population are re-entering the labour market for work, the number of Jobseeker’s Allowance claimants also continues to fall.
With opportunities in the labour market, also arise some potential threats. Data suggests that full-time employment is falling in unison with a rise in temporary jobs advertised and there are emerging skill shortages in lower-skilled occupations. However, short-term labour markets shifts are common and will be compared against longer-term trends throughout the report.
The following summarises Warwickshire’s key labour market indicators.
Labour market variations in Q3:
- 7% increase in the employment rate
- 22% growth in job vacancies, equivalent to increase of 8,044 advertised jobs from the previous quarter
- Number of JSA claimants continues to fall quarter-on-quarter (-4%)
- 4% rise in the labour participation rate
Labour participation is measured by the proportion of the working-age population who are economically active. This includes both the employed and unemployed as both groups actively engage in the labour market.
Latest annual data releases:
- Over 285,000 people in employment in Warwickshire. 3% employment growth during 2015-16, exceeding regional and national averages (+10,400 jobs filled)
- More than 27,000 businesses registered in Warwickshire this year. 3% increase in business activity from the last year, falling slightly short of regional and national averages (+900 new businesses)