Business leaders in Coventry and Warwickshire say the latest unemployment figures highlight the need to kickstart the economy.
The unemployment rate remained unchanged at 4.2 per cent and job vacancies fell by 49,000 in the latest figures released by the Office for National Statistics.
Corin Crane, chief executive of the Coventry and Warwickshire Chamber of Commerce, said: “When you look at all of the data – from GDP through to the labour market – it’s clear that the UK economy is standing still.
“There are no signs, yet, that we are coming out of this stagnation and there will be a lot of eyes on the Budget this spring in the hope that more can be done to give everything a kickstart.
“The low unemployment rate has been a big success story of the past few years but, now, we need to find ways to get those who are economically inactive back into the workplace which would not only help ease the issues around recruitment, it would bolster the economy.
“The Local Skills Investment Fund is big step in the right direction and we’re proud to be working with colleagues across the West Midlands in delivering on the important, radical changes it will make in our region.
“But there is much more that needs to be done in order to help deliver more jobs and growth in the economy.”
Jane Gratton, Deputy Director Public Policy at the British Chambers of Commerce, said: “Today’s data confirms labour market conditions are continuing to cool, with wage growth and the number of vacancies falling once again. However, labour costs remain a huge pressure on businesses dealing with a challenging economic environment.
“Too many firms are still struggling to hire and retain staff. Our latest Quarterly Recruitment Outlook, showed over three quarters of firms attempting to recruit faced difficulties.
“The skills crisis continues to cast a shadow over the labour market. To help tackle the problem, we need a more flexible apprenticeship levy, access to rapid upskilling and reskilling opportunities, and a long-term commitment to Local Skills Improvement Plans across England.
“Businesses will be looking closely at the upcoming Budget for help to plug skills gaps and get more people into work.”