UK labour market remains steady

Latest findings show that so far this year, the UK labour market has remained steady despite economic uncertainty.

UK job postings do currently remain at low levels – as of the 14^th of February postings were 15% below their 1^st of February 2020 pre-pandemic baseline – however, they have not sunk any further over the last couple of weeks.

Jack Kennedy, Senior Economist at Indeed, said, “The UK labour market has shown resilience at the start of the year, with job postings rebounding in January following the usual holiday slowdown.

“While hiring demand remains below pre-pandemic levels and economic uncertainty persists, the relative stability of job postings, continued modest redundancy notifications and robust wage growth indicate a labour market that certainly faces strong headwinds but hasn’t buckled thus far.”

“The key question is whether the UK labour market can avoid a hard landing once April’s policy changes take effect,” Kennedy continues. “While hiring demand has been somewhat resilient to date despite the challenging outlook, businesses may need to adjust workforce strategies as cost pressures mount.”

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