Labour Market cooling but no respite for business

November 16, 2023

Responding to the latest Labour Market from the ONS, Jane Gratton, Deputy Director of Public Policy at the British Chambers of Commerce, said:

“There are clear signs of a cooling off in the labour market, with vacancies continuing to trend downwards and unemployment remaining static.”

“But employers are still struggling, as wages continue to outpace inflation and the impact of 14 consecutive interest rate rises starts to bite. It is also a concern that the flow of inactive workers back into employment appears to have stalled.

“A thriving economy needs a skilled and flexible workforce in every region and sector. That’s why the UK Government and employers need to invest now to address the skills shortages that are holding everyone back.

“The Chancellor must use the Autumn Statement to help businesses boost their investment in high quality training. It is also essential that everyone who wants to work can access the healthcare and support they need to thrive in employment.”

More information on the ONS statistics can be found here.