COVENTRY Commerce leaders said a fall in unemployment to its lowest level since 1974 highlights recruitment as one of the biggest issues facing firms in the region.
The unemployment rate has dropped to 3.5 per cent in the three months to August, with overall vacancies now standing at 1,246,000.
Coventry and Warwickshire chamber of commerce chief executive Corin Crane said that while falling unemployment has been ‘an economic success story of the past couple of years’, it is proving to be ‘a real drag on growth for businesses in a range of sectors across Coventry and Warwickshire who are struggling to fill the vacancies they have.’
He added: “The new Government has adopted a ‘growth, growth, growth’ mantra and businesses will be the driver for that.
“But there are so many issues that are holding companies back from being able to grow and the labour market is one of them.
“It is an area where reform is needed to help firms to bring in the staff they need to help deliver the growth that everyone wants to see.”
British Chambers of Commerce Head of Research, David Bharier, added the data ‘confirms that the UK is facing the tightest labour market in years.’
“Our own research shows that labour shortages are holding back the ability of many businesses to service existing customers and grow.”
“If Government is serious about growth, it needs to get serious about jobs.”
