REC Response to ONS Labour Market Figures, November 2023

The ONS has published its latest labour market statistics this morning. Neil Carberry, REC Chief Executive, said:

“These figures are a further sign demand in the labour market – while much softer than a year ago – remains resilient. Vacancies remain higher than pre-pandemic. But the overall picture is more nuanced than a year ago, with temporary work and sectors like hospitality and healthcare doing better than permanent roles, and jobs in IT and construction. Pay is still rising – but this is now being driven by pay awards designed by employers to help staff facing rising prices, not labour market competition for staff.

“Our stubborn economic inactivity rate shows why the Autumn Statement must deliver on welfare to work if we are to encourage more people to enter or re-enter the jobs market. Extending successful programmes like Restart would make sense.

“The labour market is just marking time waiting for economic growth to return. Let’s have a plan from the Chancellor next week to get economic growth going, which will get more employers back into hiring.”