{"id":13591,"date":"2023-12-13T17:39:06","date_gmt":"2023-12-13T17:39:06","guid":{"rendered":"https:\/\/www.hiringlab.org\/uk\/?p=13591"},"modified":"2024-01-23T18:30:48","modified_gmt":"2024-01-23T18:30:48","slug":"uk-employment-figures-december-2023-continued-cooling","status":"publish","type":"post","link":"https:\/\/www.hiringlab.org\/uk\/blog\/2023\/12\/13\/uk-employment-figures-december-2023-continued-cooling\/","title":{"rendered":"UK Employment Figures, December 2023: Continued Cooling"},"content":{"rendered":"\n

The UK labour market continues to gradually cool, and hiring conditions are likely to continue to gradually ease in 2024<\/a>, as the labour market rebalancing proceeds.\u00a0<\/p>\n\n\n\n

Vacancies fell for a 17th consecutive period in the 3 months to November, and are now down 27% from their peak, though remain above pre-pandemic levels, according to official data<\/a>. The unemployment rate was stable at a still fairly low 4.2%, while employment and inactivity were also unchanged (though these estimates continue to have only \u2018experimental\u2019 status<\/a>).\u00a0<\/p>\n\n\n\n

The latest figures showed regular pay growth easing but remaining very high at 7.3% year-on-year. Wage growth remains one of the key metrics for Bank of England rate-setters, and its persistence into 2024 will be key in helping determine the timing of any future monetary policy easing. <\/p>\n\n\n\n

More timely evidence from the Indeed Wage Tracker<\/a> shows wage growth for new hires cooling further in November, to 6.7% year-on-year, down from a peak of 7.4% in June. But pay pressures remain far stronger in the UK than in both the US (4.0%) and euro area (3.7%). These differences in the rate of pay growth are a key reason why the US Federal Reserve and the European Central Bank are both expected to cut interest rates sooner than the Bank of England, despite a relatively weaker UK growth outlook.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Wage growth eases but remains elevated.<\/p>\n","protected":false},"author":103,"featured_media":13592,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"recruiter-hub-blocks.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"post_mwm_category":[349],"post_topic":[],"post_content_type":[],"post_duration":[],"post_actions":[],"post_franchise":[],"post_mwm_author":[305],"class_list":["post-13591","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","post_mwm_category-state-of-the-labour-market","post_mwm_author-jackkennedy"],"acf":[],"yoast_head":"\nUK Employment Figures, December 2023: Continued Cooling - Indeed Hiring Lab UK I Ireland<\/title>\n<meta name=\"description\" content=\"The UK labour market continues to gradually cool, and hiring conditions are likely to continue to gradually ease in 2024, as the labour market rebalancing proceeds.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.hiringlab.org\/uk\/blog\/2023\/12\/13\/uk-employment-figures-december-2023-continued-cooling\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UK Employment Figures, December 2023: Continued Cooling - Indeed Hiring Lab UK I Ireland\" \/>\n<meta property=\"og:description\" content=\"The UK labour market continues to gradually cool, and hiring conditions are likely to continue to gradually ease in 2024, as the labour market rebalancing proceeds.\u00a0\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.hiringlab.org\/uk\/blog\/2023\/12\/13\/uk-employment-figures-december-2023-continued-cooling\/\" \/>\n<meta property=\"og:site_name\" content=\"Indeed Hiring Lab UK I Ireland\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-13T17:39:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-23T18:30:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.hiringlab.org\/uk\/wp-content\/uploads\/sites\/3\/2023\/12\/image.png\" \/>\n\t<meta property=\"og:image:width\" content=\"942\" \/>\n\t<meta property=\"og:image:height\" content=\"501\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Jack Kennedy\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.hiringlab.org\/uk\/blog\/2023\/12\/13\/uk-employment-figures-december-2023-continued-cooling\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.hiringlab.org\/uk\/blog\/2023\/12\/13\/uk-employment-figures-december-2023-continued-cooling\/\"},\"author\":{\"name\":\"ltheissen\",\"@id\":\"https:\/\/www.hiringlab.org\/uk\/#\/schema\/person\/4b5c7a64267b1cb495fb45e90277f353\"},\"headline\":\"UK Employment Figures, December 2023: Continued Cooling\",\"datePublished\":\"2023-12-13T17:39:06+00:00\",\"dateModified\":\"2024-01-23T18:30:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.hiringlab.org\/uk\/blog\/2023\/12\/13\/uk-employment-figures-december-2023-continued-cooling\/\"},\"wordCount\":217,\"image\":{\"@id\":\"https:\/\/www.hiringlab.org\/uk\/blog\/2023\/12\/13\/uk-employment-figures-december-2023-continued-cooling\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/d341ezm4iqaae0.cloudfront.net\/hiringlaborg\/sites\/3\/2023\/12\/02171138\/image.png\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.hiringlab.org\/uk\/blog\/2023\/12\/13\/uk-employment-figures-december-2023-continued-cooling\/\",\"url\":\"https:\/\/www.hiringlab.org\/uk\/blog\/2023\/12\/13\/uk-employment-figures-december-2023-continued-cooling\/\",\"name\":\"UK Employment Figures, December 2023: Continued Cooling - Indeed Hiring Lab UK I Ireland\",\"isPartOf\":{\"@id\":\"https:\/\/www.hiringlab.org\/uk\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.hiringlab.org\/uk\/blog\/2023\/12\/13\/uk-employment-figures-december-2023-continued-cooling\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.hiringlab.org\/uk\/blog\/2023\/12\/13\/uk-employment-figures-december-2023-continued-cooling\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/d341ezm4iqaae0.cloudfront.net\/hiringlaborg\/sites\/3\/2023\/12\/02171138\/image.png\",\"datePublished\":\"2023-12-13T17:39:06+00:00\",\"dateModified\":\"2024-01-23T18:30:48+00:00\",\"author\":{\"@id\":\"https:\/\/www.hiringlab.org\/uk\/#\/schema\/person\/4b5c7a64267b1cb495fb45e90277f353\"},\"description\":\"The UK labour market continues to gradually cool, and hiring conditions are likely to continue to gradually ease in 2024, as the labour market rebalancing proceeds.\u00a0\",\"breadcrumb\":{\"@id\":\"https:\/\/www.hiringlab.org\/uk\/blog\/2023\/12\/13\/uk-employment-figures-december-2023-continued-cooling\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.hiringlab.org\/uk\/blog\/2023\/12\/13\/uk-employment-figures-december-2023-continued-cooling\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.hiringlab.org\/uk\/blog\/2023\/12\/13\/uk-employment-figures-december-2023-continued-cooling\/#primaryimage\",\"url\":\"https:\/\/d341ezm4iqaae0.cloudfront.net\/hiringlaborg\/sites\/3\/2023\/12\/02171138\/image.png\",\"contentUrl\":\"https:\/\/d341ezm4iqaae0.cloudfront.net\/hiringlaborg\/sites\/3\/2023\/12\/02171138\/image.png\",\"width\":942,\"height\":501,\"caption\":\"Line chart titled \u201cWage growth eases but still high\u201d shows the year-on-year growth in regular nominal pay and real regular pay (adjusted for CPIH inflation). Nominal pay growth eased to 7.3% y\/y in the latest period, while real wage growth picked up to 1.4% y\/y.\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.hiringlab.org\/uk\/blog\/2023\/12\/13\/uk-employment-figures-december-2023-continued-cooling\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.hiringlab.org\/uk\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"UK Employment Figures, December 2023: Continued Cooling\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.hiringlab.org\/uk\/#website\",\"url\":\"https:\/\/www.hiringlab.org\/uk\/\",\"name\":\"Indeed Hiring Lab UK I Ireland\",\"description\":\"Indeed Hiring Lab UK I Ireland\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.hiringlab.org\/uk\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.hiringlab.org\/uk\/#\/schema\/person\/4b5c7a64267b1cb495fb45e90277f353\",\"name\":\"ltheissen\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/secure.gravatar.com\/avatar\/6367a954a4c7eb916945e225eca8caf2ceb055d42150b6a655ede10de2750ac2?s=96&d=mm&r=g\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/6367a954a4c7eb916945e225eca8caf2ceb055d42150b6a655ede10de2750ac2?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/6367a954a4c7eb916945e225eca8caf2ceb055d42150b6a655ede10de2750ac2?s=96&d=mm&r=g\",\"caption\":\"ltheissen\"},\"url\":\"https:\/\/www.hiringlab.org\/uk\/blog\/author\/ltheissen\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"UK Employment Figures, December 2023: Continued Cooling - Indeed Hiring Lab UK I Ireland","description":"The UK labour market continues to gradually cool, and hiring conditions are likely to continue to gradually ease in 2024, as the labour market rebalancing proceeds.\u00a0","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.hiringlab.org\/uk\/blog\/2023\/12\/13\/uk-employment-figures-december-2023-continued-cooling\/","og_locale":"en_US","og_type":"article","og_title":"UK Employment Figures, December 2023: Continued Cooling - Indeed Hiring Lab UK I Ireland","og_description":"The UK labour market continues to gradually cool, and hiring conditions are likely to continue to gradually ease in 2024, as the labour market rebalancing proceeds.\u00a0","og_url":"https:\/\/www.hiringlab.org\/uk\/blog\/2023\/12\/13\/uk-employment-figures-december-2023-continued-cooling\/","og_site_name":"Indeed Hiring Lab UK I Ireland","article_published_time":"2023-12-13T17:39:06+00:00","article_modified_time":"2024-01-23T18:30:48+00:00","og_image":[{"width":942,"height":501,"url":"https:\/\/www.hiringlab.org\/uk\/wp-content\/uploads\/sites\/3\/2023\/12\/image.png","type":"image\/png"}],"author":"Jack Kennedy","twitter_card":"summary_large_image","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.hiringlab.org\/uk\/blog\/2023\/12\/13\/uk-employment-figures-december-2023-continued-cooling\/#article","isPartOf":{"@id":"https:\/\/www.hiringlab.org\/uk\/blog\/2023\/12\/13\/uk-employment-figures-december-2023-continued-cooling\/"},"author":{"name":"ltheissen","@id":"https:\/\/www.hiringlab.org\/uk\/#\/schema\/person\/4b5c7a64267b1cb495fb45e90277f353"},"headline":"UK Employment Figures, December 2023: Continued Cooling","datePublished":"2023-12-13T17:39:06+00:00","dateModified":"2024-01-23T18:30:48+00:00","mainEntityOfPage":{"@id":"https:\/\/www.hiringlab.org\/uk\/blog\/2023\/12\/13\/uk-employment-figures-december-2023-continued-cooling\/"},"wordCount":217,"image":{"@id":"https:\/\/www.hiringlab.org\/uk\/blog\/2023\/12\/13\/uk-employment-figures-december-2023-continued-cooling\/#primaryimage"},"thumbnailUrl":"https:\/\/d341ezm4iqaae0.cloudfront.net\/hiringlaborg\/sites\/3\/2023\/12\/02171138\/image.png","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.hiringlab.org\/uk\/blog\/2023\/12\/13\/uk-employment-figures-december-2023-continued-cooling\/","url":"https:\/\/www.hiringlab.org\/uk\/blog\/2023\/12\/13\/uk-employment-figures-december-2023-continued-cooling\/","name":"UK Employment Figures, December 2023: Continued Cooling - Indeed Hiring Lab UK I Ireland","isPartOf":{"@id":"https:\/\/www.hiringlab.org\/uk\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.hiringlab.org\/uk\/blog\/2023\/12\/13\/uk-employment-figures-december-2023-continued-cooling\/#primaryimage"},"image":{"@id":"https:\/\/www.hiringlab.org\/uk\/blog\/2023\/12\/13\/uk-employment-figures-december-2023-continued-cooling\/#primaryimage"},"thumbnailUrl":"https:\/\/d341ezm4iqaae0.cloudfront.net\/hiringlaborg\/sites\/3\/2023\/12\/02171138\/image.png","datePublished":"2023-12-13T17:39:06+00:00","dateModified":"2024-01-23T18:30:48+00:00","author":{"@id":"https:\/\/www.hiringlab.org\/uk\/#\/schema\/person\/4b5c7a64267b1cb495fb45e90277f353"},"description":"The UK labour market continues to gradually cool, and hiring conditions are likely to continue to gradually ease in 2024, as the labour market rebalancing proceeds.\u00a0","breadcrumb":{"@id":"https:\/\/www.hiringlab.org\/uk\/blog\/2023\/12\/13\/uk-employment-figures-december-2023-continued-cooling\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.hiringlab.org\/uk\/blog\/2023\/12\/13\/uk-employment-figures-december-2023-continued-cooling\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.hiringlab.org\/uk\/blog\/2023\/12\/13\/uk-employment-figures-december-2023-continued-cooling\/#primaryimage","url":"https:\/\/d341ezm4iqaae0.cloudfront.net\/hiringlaborg\/sites\/3\/2023\/12\/02171138\/image.png","contentUrl":"https:\/\/d341ezm4iqaae0.cloudfront.net\/hiringlaborg\/sites\/3\/2023\/12\/02171138\/image.png","width":942,"height":501,"caption":"Line chart titled \u201cWage growth eases but still high\u201d shows the year-on-year growth in regular nominal pay and real regular pay (adjusted for CPIH inflation). Nominal pay growth eased to 7.3% y\/y in the latest period, while real wage growth picked up to 1.4% y\/y."},{"@type":"BreadcrumbList","@id":"https:\/\/www.hiringlab.org\/uk\/blog\/2023\/12\/13\/uk-employment-figures-december-2023-continued-cooling\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.hiringlab.org\/uk\/"},{"@type":"ListItem","position":2,"name":"UK Employment Figures, December 2023: Continued Cooling"}]},{"@type":"WebSite","@id":"https:\/\/www.hiringlab.org\/uk\/#website","url":"https:\/\/www.hiringlab.org\/uk\/","name":"Indeed Hiring Lab UK I Ireland","description":"Indeed Hiring Lab UK I Ireland","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.hiringlab.org\/uk\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.hiringlab.org\/uk\/#\/schema\/person\/4b5c7a64267b1cb495fb45e90277f353","name":"ltheissen","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/6367a954a4c7eb916945e225eca8caf2ceb055d42150b6a655ede10de2750ac2?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/6367a954a4c7eb916945e225eca8caf2ceb055d42150b6a655ede10de2750ac2?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/6367a954a4c7eb916945e225eca8caf2ceb055d42150b6a655ede10de2750ac2?s=96&d=mm&r=g","caption":"ltheissen"},"url":"https:\/\/www.hiringlab.org\/uk\/blog\/author\/ltheissen\/"}]}},"_links":{"self":[{"href":"https:\/\/www.hiringlab.org\/uk\/wp-json\/wp\/v2\/posts\/13591","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.hiringlab.org\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.hiringlab.org\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.hiringlab.org\/uk\/wp-json\/wp\/v2\/users\/103"}],"replies":[{"embeddable":true,"href":"https:\/\/www.hiringlab.org\/uk\/wp-json\/wp\/v2\/comments?post=13591"}],"version-history":[{"count":0,"href":"https:\/\/www.hiringlab.org\/uk\/wp-json\/wp\/v2\/posts\/13591\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.hiringlab.org\/uk\/wp-json\/wp\/v2\/media\/13592"}],"wp:attachment":[{"href":"https:\/\/www.hiringlab.org\/uk\/wp-json\/wp\/v2\/media?parent=13591"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.hiringlab.org\/uk\/wp-json\/wp\/v2\/categories?post=13591"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hiringlab.org\/uk\/wp-json\/wp\/v2\/tags?post=13591"},{"taxonomy":"post_mwm_category","embeddable":true,"href":"https:\/\/www.hiringlab.org\/uk\/wp-json\/wp\/v2\/post_mwm_category?post=13591"},{"taxonomy":"post_topic","embeddable":true,"href":"https:\/\/www.hiringlab.org\/uk\/wp-json\/wp\/v2\/post_topic?post=13591"},{"taxonomy":"post_content_type","embeddable":true,"href":"https:\/\/www.hiringlab.org\/uk\/wp-json\/wp\/v2\/post_content_type?post=13591"},{"taxonomy":"post_duration","embeddable":true,"href":"https:\/\/www.hiringlab.org\/uk\/wp-json\/wp\/v2\/post_duration?post=13591"},{"taxonomy":"post_actions","embeddable":true,"href":"https:\/\/www.hiringlab.org\/uk\/wp-json\/wp\/v2\/post_actions?post=13591"},{"taxonomy":"post_franchise","embeddable":true,"href":"https:\/\/www.hiringlab.org\/uk\/wp-json\/wp\/v2\/post_franchise?post=13591"},{"taxonomy":"post_mwm_author","embeddable":true,"href":"https:\/\/www.hiringlab.org\/uk\/wp-json\/wp\/v2\/post_mwm_author?post=13591"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}