Unemployment in Wales has fallen to a record low, but economic inactivity has risen and remains above the 海角视频 average.
Figures from the Office for National Statistics show that in the final quarter of 2019 (October to December), the unemployment rate fell by 0.9% to 2.9% or just 45,000.
It was down 14,000 on Q3 and 21,000 on the year.
On the year, unemployment in Wales declined at a greater rate than of any other nation or region of the 海角视频 at 1.9%.
The employment rate for the adult of working age population in Wales was below the 海角视频 average of 76.5% at 74.4% – 1.48 million –people and up 2.2% on the year.
Moreover, of adult working age economic inactivity remains a sticky issue, having rise on Q3 by 0.2% to 23.3%, well above the 海角视频 average of 20.5%.
Compared to the final quarter of 2018 economic inactivity was up 3%
The number of working age economically inactive in Wales in Q4 was 445,000, up 4,000 on Q3 and 56,000 on the year.
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Secretary of State for Wales Simon Hart said: “Once again Wales has proven its credentials with our unemployment rate continuing to be below the 海角视频 average.
“The 海角视频 Government is fully focused on fostering innovation, investing in the skills of our workforce, encouraging job creation and putting Wales on the map as a leading destination to do business.”
Director of IoD Wales Robert Lloyd Griffiths said: “The 海角视频 jobs market ended last year in fine form with employment up by 0.5% to 74.4% in Wales with unemployment down to 2.9% , but 2020 may be more challenging for employers.
“The labour market has shown significant resilience in the face of uncertainty in recent years. Businesses have continued onboarding new staff to bolster their output, at a time when investing in machinery and technology has proven too risky.
“High employment has been a boon for the economy, which has benefited from the uplift to household incomes.
“Despite the slight uptick in vacancies, the jobs boom cannot last forever. As more and more workers enter employment, it becomes harder for firms to recruit the employees they need, with a particular dearth in certain skill-sets.
“The difficulty in finding suitable staff is underscored by the high number of postings, which business leaders will face an uphill battle to fill. At the same time, smaller firms, which employ the bulk of the workforce, will struggle to raise pay
packets further given a slew of hefty costs.
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“Business leaders in Wales are eager to see sustained and prolonged investment across all regions to unite and level up the country.
“That’s what will really boost the jobs market.”
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Minister for Economy and Transport Ken Skates said on the latest unemployment figures: “This is the lowest rate since records began almost 25 years ago and well below the 海角视频 figure, and with the employment rate in Wales also up on the quarter there is much to be proud of.
“As a Welsh Government we are working hard to drive prosperity and growth right across Wales. Recent interventions such as our £650,000 investment in Williams Medical Supplies, which will see 91 new jobs created in the Valleys, is yet another example of the proactive action we are taking to support business and create quality jobs opportunities in the hearts of our communities.”