January 2024 ONS Labour Market Figures

From General jobs news category

In recent months, there has been a decrease in the pace of the labour market, but it has managed to maintain its resilience. Despite the rise in unemployment, job openings are still higher than before the pandemic, and the overall level of unemployment remains low compared to previous periods. However, there seems to be a stagnant situation in the job market, as both employers and job seekers are hesitant to make any significant moves until the economy shows signs of improvement.

The current circumstance highlights the importance of boosting growth by instilling confidence in businesses and workers. As evident from the decline in wages and other surveys predicting this trend to continue in the Spring, coupled with decreasing inflation, reducing interest rates would be a positive indication of advancement for struggling businesses and workers.

There is an importance of adjusting to the shifts in the job market caused by technological advancements and changing demographics in order to achieve sustainable and inclusive growth. This can only be achieved if governments and business leaders prioritise addressing people-related issues. It would be beneficial to use the upcoming Budget to announce a shift in approach towards developing skills, improving welfare-to-work programs, and providing support for businesses. It would also be beneficial to have a more reasonable discussion about the UK economy’s need for controlled immigration. Additionally, it is crucial to review the Apprenticeship Levy, which has been deemed ineffective by businesses for almost a decade.

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