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Good or bad? Experts deliver verdict on latest ONS labour market data

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Summary

The latest labour market data from the Office for National Statistics (ONS) has revealed that wage growth has slowed and the estimated number of vacancies has fallen. This is seen as a sign that pressures on the labour market are cooling. Other surveys have shown a "weak economic outlook" and hiring conditions are likely to continue to ease in 2024. There is a shortage of people to fill jobs, but pay growth remains high. There were 131,000 working days lost because of labour disputes in October 2023, with three fifths of those in the health and social work sector. Pay growth in real terms rose by 1.3 per cent year on year in August to October.

Q&As

What data from the Office for National Statistics (ONS) has shown about the UK labour market?
The data from the Office for National Statistics (ONS) has shown that wage growth has slowed and the estimated number of vacancies has fallen in the latest quarter.

What did the KPMG and REC Report on Jobs survey find about recruitment and vacancies?
The KPMG and REC Report on Jobs survey found a weak economic outlook and greater caution among employers had dampened recruitment during November, with a decline in permanent staff and temporary fillings in the public and private sectors, as well as a minor decrease in vacancies.

What did the Resolution Foundation's economist say about pay growth in the UK?
The Resolution Foundation's economist said that the UK's historically high level of pay growth over the summer had been a major concern for policymakers, as it risks keeping inflation higher for longer for everyone, but pay growth had slowed as the big rises from earlier in the year fall out of the data.

What has been the longest consecutive run of quarterly falls ever recorded by the ONS?
The longest consecutive run of quarterly falls ever recorded by the ONS is 45,000 between September and November.

What did HR consultants Hamilton Nash's employee relations expert say about UK employment?
Hamilton Nash's employee relations expert said that 17 consecutive months of decreasing vacancies might suggest that UK employment is the picture of “good health”, but a closer look at some sectors tells a different story.

AI Comments

👍 This article highlights the key changes in the labour market over 2023 and provides a comprehensive overview of the statistics and analysis from experts in the field.

👎 This article paints a bleak picture of the labour market, with an overall decrease in vacancies and salary growth slowing at the fastest pace for two years.

AI Discussion

Me: It's about the latest ONS labor market data. The data shows that wage growth has slowed and the number of vacancies has fallen. It also shows that the unemployment rate is still relatively low, but labor shortages and strikes still persist.

Friend: That's really interesting. What do you think the implications of this data are?

Me: Well, it looks like the UK's labor market is cooling. This could mean that employers might become more cautious in their hiring practices, and that competition for jobs could increase. Additionally, it could mean that wage growth could remain stagnant, and that there could be more pressure on employers to invest in skills training and to have a more sensible approach to immigration. Finally, it could mean that people will need to be more strategic in their job search and be prepared to compete for roles.

Action items

Research the impact of the minimum salary requirement for skilled worker visas on the labour market.
Analyse the trends in job postings and applications to identify areas of opportunity for employers.
Develop strategies to create quality jobs that enable people to balance competing priorities.

Technical terms

ONS: Office for National Statistics - a government department responsible for collecting and publishing statistics related to the economy, population and society of the UK.
Pay growth: The rate at which wages increase over time.
Vacancies: Open positions in a company or organization that need to be filled.
Unemployment rate: The percentage of people in the labor force who are not employed.
Employment: The number of people who are employed in a given period of time.
Inactivity: The state of not being active or engaged in any activity.
KPMG and REC Report on Jobs: A survey conducted by KPMG and the Recruitment & Employment Confederation (REC) that provides insights into the UK job market.
Permanent staff: Employees who are hired on a long-term basis.
Temporary fillings: Positions that are filled on a short-term basis.
Labour shortages: A situation in which there are not enough workers to fill available jobs.
Strikes: A form of protest in which workers refuse to work in order to make a point or demand change.
Labour force survey: A survey conducted by the Office for National Statistics that provides insights into the UK labor market.
Minimum salary: The lowest amount of money that an employer is legally allowed to pay an employee.
Skilled worker visas: Visas that allow foreign workers with certain skills to work in a country.
Job posts: Open positions that are posted on a job board or website.
Applications: Forms that are submitted by people who are interested in a job.
Employer-led market: A market in which employers have the upper hand in terms of hiring and setting wages.
Talent acquisition: The process of finding and hiring qualified employees.
Inflation: A sustained increase in the general level of prices for goods and services.
Productivity: The amount of output produced by a given amount of input.
Immigration: The process of moving to a new country to live and work.