Unexpected turn of events in UK employment market in the wake of Brexit

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UK’s market economy is currently a scene of paradoxes. The UK Brexit had led to speculations of economic decline. However, although inflation is benign in the UK, labor recruitment is on an all-time high. The reason is quite simple, the businesses need to operate, and cannot without to do without a labor force. Moreover, the firms have declined to invest in new equipment with the fear of Brexit.  As a consequence, they putting more energy and resources into hiring staff instead. The hiring cycle has persisted positively through business firms. However, the retail sector is not creating jobs because of the crisis in the high street. Moreover, reports released by the Office for National Statistics allege the rate of unemployment fell by 27,000 in the three months to February to 1.34 million with an evident increase in the number of working people. The number shows a record high of 32.7 million.

The FTSE has also hit a six month high, and UK wage growth has been highest since EU exit.  A risk posed on the markets, and a weaker pound, helped the FTSE to a soaring 33 points higher, at 7,469. Lower supply of laborers also resulted in higher wages. Other European markets also took the lead and reached their highest levels since last October.

Although experts still fear that Brexit will adversely damage the economy. It has shed light on another trend from the market economy – Brexit uncertainty aided in creating jobs. Reportedly, companies hired an additional 179,000 workers, among which most of them were women. This maintained the UK’s record level of employment at 32.7 million and unemployment remained at the lowest level since the mid-1970s, at 3.9%. Amidst warnings that exiting EU without a deal will trigger job losses and immediate recession, the trending market records have proven, that Britain’s employment economy has been resiliently coping to the political turmoil over Brexit.