Job vacancies hit a record million as the economy recovers

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Here’s a more detailed look from our economic correspondent, Tim Wallace, who analyzed the numbers to find that there were more than a million job vacancies in July – the first time the UK has reached that number:

Britain added 182,000 more jobs last month as most of the remaining Covid restrictions were removed, raising hopes that furloughed workers could return to their jobs or find new ones when the program shuts down at the end of September.

The payroll employment rate, which measures those paid under the PAYE system, rose to 28.9 million.

This is a sharp rise from last year’s low of 28.1 million in November 2020, according to the Office for National Statistics, but it has not yet reached the pre-Covid level of 29.06 million in February 2020.

That means the economy still has more to go before declaring victory over the pandemic recession, but is making vital progress in the months before the vacation plan ends.

“The world of work continues to recover strongly from the effects of the pandemic,” said Jonathan Athoe, deputy national statistician for economic statistics.

“The number of people on payroll is up strongly again, it has now grown more than half a million in the past three months, recovering about four-fifths of the drop seen at the start of the pandemic.

“As large parts of the economy begin to reopen in recent months, working hours have crossed one billion hours a week for the first time since the outbreak of the pandemic.”

That’s about 50 million hours per week before the pre-Covid peak, indicating that the economy has yet to fully reform.

Companies are keen to grow even more: More than a million job vacancies opened last month, a record number.

There were 1.2 million jobs left entirely under the coronavirus job retention scheme at the end of June, roughly equal to the number of job vacancies available.

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