Chart of the Day: Unfilled Vacancies
The seasonally adjusted number of unfilled vacancies in the UK economy has grown steadily over the last two years from just under 590,000 to a new high of 680,000. What might this figure be telling us?
It could be a sign that the UK economy is continuing to create plenty of new jobs – a sign that economic growth is remaining resilient in the face of the global financial crisis
It might be a sign that firms are finding it harder to fill their vacancies – perhaps an indication of occupational and geographical immobility of labour – with many of the unemployed either unable or unwilling to take the work that is available. This data might be used as evidence for a skills gap in the economy – a supply-side weakness of the labour market
Over the longer term, the economy routinely has a level of unfilled vacancies above 500,000 each month. Given that there are nearly 30 million people in full-time or part-time employment – do you think that this is a high or a low figure?
The data shows the 3 month average for unfilled vacancies – with one of the data series being ‘seasonally adjusted’. Look at the unadjusted figures – explain the pattern of vacancies that you observe during a representative year.
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