The latest Office of National Statistics (ONS) data has revealed that despite the growth in demand for new workers coming to an end, hiring activity is still at a high level.
Responding to the figures, Neil Carberry, Chief Executive of the Recruitment & Employment Confederation (REC), said, “This morning’s ONS statistics suggest that the exceptional growth in demand for new workers we’ve seen through the year is at an end.
“But hiring activity is still at a very high level and shortages are still a key problem for firms. Pressure to raise pay for existing staff, as shown in today’s data, and caution about the economic outlook, are likely to be contributing factors in hirers becoming a little more cautious.”
Neil added, “Despite increased levels of employer caution, vacancies are still at historically high levels – it is still a good time to be looking for work. Unemployment remains at record lows, while employment is still below February 2020 levels. That means economic inactivity – those out of work and not looking for it – is a growing challenge, with the ONS figures showing it has hit a new high.
“From healthcare to childcare to flexible working, businesses and Governments need to be working together to boost labour supply so people can earn more in the midst of high inflation and create the capacity for the economy to grow. Growth is the only way we can fund public services and keep taxation low over the long term”
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