The unemployment rate in Wales has fallen to a record low, which is thanks to Welsh businesses showing resilience during these uncertain times.
According to the findings from the Office for National Statistics (ONS), there were 45,000 people in Wales searching for work between October and December, which is a decline of 14,000 from the previous three months, reported the BBC.
Indeed, unemployment in Wales dropped to 2.9 per cent, which is the lowest it has been since records began, and lower than the figures for the whole of the UK at 3.8 per cent.
Speaking to Business News Wales, director of IoD Wales Robert Lloyd Griffiths said: “The labour market has shown significant resilience in the face of uncertainty in recent years.”
He noted that businesses have committed to taking on new staff to improve their output, preferring this option to investing in machinery and technology, as this was regarded as “too risky”.
As a result, Mr Lloyds Griffiths stated a high employment rate has “been a boon for the economy”.
However, he noted that this cannot last indefinitely, as businesses will find it harder to recruit the right employees if they are already in jobs, meaning certain positions will not be filled by those who are most skilled and suitable for the job.
Therefore, he called for “sustained and prolonged investment across all regions” of Wales, as this is what will boost the jobs market and provide the right support for businesses.
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