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Business

Kent and Medway unemployment figures rise as inflation outstrips wage hikes yet again

By: Chris Britcher cbritcher@thekmgroup.co.uk

Published: 09:55, 17 January 2023

Updated: 15:20, 17 January 2023

Unemployment rates across the majority of the county's districts and boroughs continue to creep up - while inflation continues to outstrip wage growth.

In figures released by the Office for National Statistics (ONS), jobless figures increased in November from 36,650 to 37,005 for Kent and Medway.

Jobless figures are rising across the county

And preliminary figures - subject to revision - for December show an increase across all of our districts and unitary authorities.

It comes at a challenging time for the economy, as the cost-of-living crisis continues to bite into the budgets of businesses and individuals.

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According to the ONS figures, nationally, pay rose by 6.4% in the three months to November – 7.2% in the private sector and 3.3% for public sector workers – yet failed to keep up with prices.

With inflation at 10.7% - the figures which charts the year-on-year rise of a range of goods we all buy and use - it represents pay actually dropped by 2.6%.

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The unemployment figures for November saw increases across Kent apart from the districts of Dartford, Gravesham, Sevenoaks and Tunbridge Wells.

The highest rate of unemployment in the county remains in Thanet, where 5.7% of those of working age are out of work. It is followed by Folkestone and Hythe and Gravesham, both on 3.9%. Dover and Medway sit at 3.7%.

The lowest rates continue to be in the west of the county, with Sevenoaks on 2%, Tonbridge and Malling on 2.1% and Tunbridge Wells 2.2%.

Nationally, the unemployment rate is now at 3.7%.

Looking at the national picture, the ONS director of economic statistics, Darren Morgan, said: “In the most recent three months, employment levels were largely unchanged on the previous three months.

“However, unemployment rose, driven by more young people who have only recently become unemployed, meaning overall there was a small increase in people actively engaged in the jobs market, whether working or looking for work.”

Chancellor Jeremy Hunt

Chancellor Jeremy Hunt said: “The single best way to help people’s wages go further is to stick to our plan to halve inflation this year.

“We must not do anything that risks permanently embedding high prices into our economy, which will only prolong the pain for everyone.”

The latest inflation figures - due later this week - are expected to remain steady. They remain a long way off the 2% the Bank of England is instructed by the government to maintain inflation - a figure which shows a steady increase and the sign of a health economy.

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