“Employment is reasonably steady at the moment – no more than that. More noise from the new government about their growth plan would be helpful in steering employers’ thinking about how to invest, and in growing their confidence. This will put a bit more momentum into what is quite a turgid labour market right now.
“The slowdown in pay is quite clear now, despite the effects of awards in the public sector this summer. This should give confidence to the Bank on the future path for interest rates. Lower cost of capital could also drive confidence in business to invest.
“Our new Voice of the Worker campaign shows policymakers that working in flexible ways is essential to tackling economic inactivity. This is because it can match people’s increasing desire for flexibility with firms’ increasing need for a dynamic workforce. Government getting its labour market reforms right on the practical details for employers is crucial.”
REC response to ONS labour market figures, September 2024
The ONS has published its latest labour market statistics this morning. The Recruitment and Employment Confederation (REC) Chief Executive Neil Carberry said:
