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17th October 2023

Mixed picture for employers on jobs and wages

The ONS has released its latest data on the labour market including on vacancies and wages.

Jane Gratton, Deputy Director of Public Policy at the British Chambers of Commerce, said:

“There are some positive signs in this data – as vacancies continue to fall and the total number of jobs in the economy remains near record highs.

“But businesses are still finding it tough. Vacancies remain well above pre-pandemic levels and BCC research tells us almost three quarters of firms trying to recruit are struggling to get the people they need.

“Wages are outpacing inflation, with candidate’s expectations and workforce pay settlements remaining a major concern for employers.

“With recent shifts in government policy, and continued economic uncertainty clouding the picture ahead, it is likely some firms are adopting a wait and see approach on recruitment.

“Underneath these headline figures the skills crisis continues and the overall picture remains challenging. Policymakers must do more to help businesses invest in skills and, at the same time, find ways to ease sectoral labour supply pinch points.”

 

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