The latest figures from the Office for National Statistics (ONS) shows unemployment dropped to 3.7% in the first quarter of the year, the lowest figure since 1974, with the highest number of job vacancies on record at 1.3 million. For the first time ever, there are now more job vacancies than job seekers…

The figures still paint a mixed picture at best, though. The employment rate sits at 75.7%, 0.1% higher than last quarter, yet 0.9% lower than early 2020, just before the pandemic hit. Excluding bonuses, weekly total pay is also starting to seriously lag behind inflation, with a real terms fall of 1.2% this quarter. Don’t expect that figure to improve much next quarter either…

Half the dead tree press this morning splash with Bank of England Governor Andrew Bailey’s doom laden comments that he can’t control inflation, and the country will soon face “apocalyptic” food prices. Unemployment may be plummeting, yet there’s a recession looming around the corner…