Kent and Medway unemployment figures for September 2023 show small rise – as job vacancies continue to shrink

Unemployment levels across the county have remained static month-on-month – but there are concerns clouds are looming on the horizon as the number of job vacancies fall to a two-year low nationwide.

The Office for National Statistics revealed the latest figures which saw September’s figure rise by just 50 across Kent and Medway compared with August.

Unemployment figures were up – but only slightly – across the county
Unemployment figures were up – but only slightly – across the county

While most areas crept up, Thanet – traditionally the area in Kent with the highest proportion of people out of work – saw jobless numbers tumble by 145.

It means 5.2% of the district are unemployed – a figure which has dropped by 0.3% over the last two months. Gravesham has the next highest percentage at 4.4%, followed by Dover and Folkestone and Hythe (both 3.8%).

The county average is 3.3%.

The west Kent districts for Sevenoaks (2%), Tonbridge and Malling (2.1%) and Tunbridge Wells (2.3%) continue to have the lowest.

The nationwide average for the last three months is 4.2%.

Other findings, nationwide, reveal wage growth has edged back from record highs but earnings are outstripping inflation at the fastest pace for two years.

The ONS said average regular earnings, excluding bonuses, increased by 7.7% in the three months to September, down from an upwardly revised and record high of 7.9% in the previous three months.

Darren Morgan, ONS director of economic statistics, said: “Our labour market figures show a largely unchanged picture, with the proportions of people who are employed, unemployed or who are neither working nor looking for a job all little changed on the previous quarter.

“The number of job vacancies fell for the 16th straight month. Nevertheless, vacancies still remain well above their pre-pandemic levels.

“With inflation easing in the latest quarter, real pay is now growing at its fastest rate for two years.”

Chancellor Jeremy Hunt will deliver the Autumn Statement next week
Chancellor Jeremy Hunt will deliver the Autumn Statement next week

Jane Gratton, deputy director of public policy at the British Chambers of Commerce, said: “There are clear signs of a cooling off in the labour market, with vacancies continuing to trend downwards and unemployment remaining static.

“But employers are still struggling, as wages continue to outpace inflation and the impact of 14 consecutive interest rate rises starts to bite. It is also a concern that the flow of inactive workers back into employment appears to have stalled.

“A thriving economy needs a skilled and flexible workforce in every region and sector. That’s why the government and employers need to invest now to address the skills shortages that are holding everyone back.”

Chancellor Jeremy Hunt said: “It’s heartening to see inflation falling and real wages growing, keeping more money in people’s pockets. Building on the labour market reforms in spring, the Autumn Statement will set out my plans to get people back into work and deliver growth for the UK.”

The Autumn Statement will be delivered in the Commons on November 22.

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