{"id":13672,"date":"2024-05-14T19:42:45","date_gmt":"2024-05-14T18:42:45","guid":{"rendered":"https:\/\/www.hiringlab.org\/uk\/?p=13672"},"modified":"2024-06-13T17:42:21","modified_gmt":"2024-06-13T16:42:21","slug":"uk-employment-figures-may-2024","status":"publish","type":"post","link":"https:\/\/www.hiringlab.org\/uk\/blog\/2024\/05\/14\/uk-employment-figures-may-2024\/","title":{"rendered":"UK Employment Figures, May 2024: Strong Wage Growth Defies Broader Labour Market Cooling"},"content":{"rendered":"\n<p>UK wage growth came in hotter than expected in the first quarter of 2024, even as other indicators showed the labour market continuing to soften. Annual regular pay growth excluding bonuses remained at 6.0% year-on-year in March, well above the annual rate of consumer price inflation (3.6% in the three months to March), meaning real wage growth is now running at a two-and-a-half-year high of 2.4% year-on-year.&nbsp;<\/p>\n\n\n\n<p>That\u2019s good for workers, but the mixed labour market signals could cement divisions on the Bank of England\u2019s Monetary Policy Committee (MPC) ahead of June\u2019s vote on interest rates. MPC officials have signalled summer rate cuts <a href=\"https:\/\/uk.news.yahoo.com\/boes-pill-says-uk-labour-082102045.html\" target=\"_blank\" rel=\"noreferrer noopener\">may be on the way<\/a>, but their timing remains dependent on if and when the economic data gives rate setters confidence that conditions are falling into place for keeping inflation at target at lower interest rates.\u00a0<\/p>\n\n\n\n<p>Doves on the MPC will point to weakening labour demand \u2014 employment and vacancies are falling and unemployment is rising \u2014 to support the case for an interest rate cut. But hawks will focus on resilient wage growth to help press the case to wait for more evidence. If the MPC doesn&#8217;t cut rates in June, the next opportunity to do so would be in August when they would have more data on the effects of April\u2019s <a href=\"https:\/\/www.gov.uk\/national-minimum-wage-rates\" target=\"_blank\" rel=\"noreferrer noopener\">minimum wage uplift<\/a> and public and private sector pay deals.\u00a0<\/p>\n\n\n\n<p>The <a href=\"https:\/\/data.indeed.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Indeed Wage Tracker<\/a> signalled a reacceleration of posted wage growth for new hires in April, rising to 6.4% year-on-year from 6.3% in March. With the National Living Wage having risen by 9.8% on 1 April, posted wage growth remains strong in several lower-paid occupations led by retail (9.1%), childcare (9.0%) and cleaning (8.4%). Annual wage growth is also running above 7% in the security, manufacturing, hospitality, maintenance and warehousing sectors.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The UK labour market is sending mixed signals ahead of key summer interest rate decisions for the Bank of England.<\/p>\n","protected":false},"author":103,"featured_media":13673,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"recruiter-hub-blocks.php","format":"standard","meta":{"_acf_changed":true,"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-13672","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":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>UK Employment Figures, May 2024: Strong Wage Growth Defies Broader Labour Market Cooling - Indeed Hiring Lab UK I Ireland<\/title>\n<meta name=\"description\" content=\"The UK labour market is sending mixed signals ahead of key summer interest rate decisions for the Bank of England.\" \/>\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\/2024\/05\/14\/uk-employment-figures-may-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UK Employment Figures, May 2024: Strong Wage Growth Defies Broader Labour Market Cooling - Indeed Hiring Lab UK I Ireland\" \/>\n<meta property=\"og:description\" content=\"The UK labour market is sending mixed signals ahead of key summer interest rate decisions for the Bank of England.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.hiringlab.org\/uk\/blog\/2024\/05\/14\/uk-employment-figures-may-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"Indeed Hiring Lab UK I Ireland\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-14T18:42:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-13T16:42:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.hiringlab.org\/uk\/wp-content\/uploads\/sites\/3\/2024\/05\/image.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"873\" \/>\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\/2024\/05\/14\/uk-employment-figures-may-2024\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.hiringlab.org\/uk\/blog\/2024\/05\/14\/uk-employment-figures-may-2024\/\"},\"author\":{\"name\":\"ltheissen\",\"@id\":\"https:\/\/www.hiringlab.org\/uk\/#\/schema\/person\/4b5c7a64267b1cb495fb45e90277f353\"},\"headline\":\"UK Employment Figures, May 2024: Strong Wage Growth Defies Broader Labour Market Cooling\",\"datePublished\":\"2024-05-14T18:42:45+00:00\",\"dateModified\":\"2024-06-13T16:42:21+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.hiringlab.org\/uk\/blog\/2024\/05\/14\/uk-employment-figures-may-2024\/\"},\"wordCount\":301,\"image\":{\"@id\":\"https:\/\/www.hiringlab.org\/uk\/blog\/2024\/05\/14\/uk-employment-figures-may-2024\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/d341ezm4iqaae0.cloudfront.net\/hiringlaborg\/sites\/3\/2024\/05\/02171114\/image.png\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.hiringlab.org\/uk\/blog\/2024\/05\/14\/uk-employment-figures-may-2024\/\",\"url\":\"https:\/\/www.hiringlab.org\/uk\/blog\/2024\/05\/14\/uk-employment-figures-may-2024\/\",\"name\":\"UK Employment Figures, May 2024: Strong Wage Growth Defies Broader Labour Market Cooling - Indeed Hiring Lab UK I Ireland\",\"isPartOf\":{\"@id\":\"https:\/\/www.hiringlab.org\/uk\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.hiringlab.org\/uk\/blog\/2024\/05\/14\/uk-employment-figures-may-2024\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.hiringlab.org\/uk\/blog\/2024\/05\/14\/uk-employment-figures-may-2024\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/d341ezm4iqaae0.cloudfront.net\/hiringlaborg\/sites\/3\/2024\/05\/02171114\/image.png\",\"datePublished\":\"2024-05-14T18:42:45+00:00\",\"dateModified\":\"2024-06-13T16:42:21+00:00\",\"author\":{\"@id\":\"https:\/\/www.hiringlab.org\/uk\/#\/schema\/person\/4b5c7a64267b1cb495fb45e90277f353\"},\"description\":\"The UK labour market is sending mixed signals ahead of key summer interest rate decisions for the Bank of England.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.hiringlab.org\/uk\/blog\/2024\/05\/14\/uk-employment-figures-may-2024\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.hiringlab.org\/uk\/blog\/2024\/05\/14\/uk-employment-figures-may-2024\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.hiringlab.org\/uk\/blog\/2024\/05\/14\/uk-employment-figures-may-2024\/#primaryimage\",\"url\":\"https:\/\/d341ezm4iqaae0.cloudfront.net\/hiringlaborg\/sites\/3\/2024\/05\/02171114\/image.png\",\"contentUrl\":\"https:\/\/d341ezm4iqaae0.cloudfront.net\/hiringlaborg\/sites\/3\/2024\/05\/02171114\/image.png\",\"width\":1600,\"height\":873,\"caption\":\"Line chart titled \u201cUK posted wage growth accelerates\u201d showing the annual rate of posted wage growth in the UK, euro area and the US. UK posted wage growth quickened in April 2024 to 6.4% year-on-year.\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.hiringlab.org\/uk\/blog\/2024\/05\/14\/uk-employment-figures-may-2024\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.hiringlab.org\/uk\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"UK Employment Figures, May 2024: Strong Wage Growth Defies Broader Labour Market 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, May 2024: Strong Wage Growth Defies Broader Labour Market Cooling - Indeed Hiring Lab UK I Ireland","description":"The UK labour market is sending mixed signals ahead of key summer interest rate decisions for the Bank of England.","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\/2024\/05\/14\/uk-employment-figures-may-2024\/","og_locale":"en_US","og_type":"article","og_title":"UK Employment Figures, May 2024: Strong Wage Growth Defies Broader Labour Market Cooling - Indeed Hiring Lab UK I Ireland","og_description":"The UK labour market is sending mixed signals ahead of key summer interest rate decisions for the Bank of England.","og_url":"https:\/\/www.hiringlab.org\/uk\/blog\/2024\/05\/14\/uk-employment-figures-may-2024\/","og_site_name":"Indeed Hiring Lab UK I Ireland","article_published_time":"2024-05-14T18:42:45+00:00","article_modified_time":"2024-06-13T16:42:21+00:00","og_image":[{"width":1600,"height":873,"url":"https:\/\/www.hiringlab.org\/uk\/wp-content\/uploads\/sites\/3\/2024\/05\/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\/2024\/05\/14\/uk-employment-figures-may-2024\/#article","isPartOf":{"@id":"https:\/\/www.hiringlab.org\/uk\/blog\/2024\/05\/14\/uk-employment-figures-may-2024\/"},"author":{"name":"ltheissen","@id":"https:\/\/www.hiringlab.org\/uk\/#\/schema\/person\/4b5c7a64267b1cb495fb45e90277f353"},"headline":"UK Employment Figures, May 2024: Strong Wage Growth Defies Broader Labour Market Cooling","datePublished":"2024-05-14T18:42:45+00:00","dateModified":"2024-06-13T16:42:21+00:00","mainEntityOfPage":{"@id":"https:\/\/www.hiringlab.org\/uk\/blog\/2024\/05\/14\/uk-employment-figures-may-2024\/"},"wordCount":301,"image":{"@id":"https:\/\/www.hiringlab.org\/uk\/blog\/2024\/05\/14\/uk-employment-figures-may-2024\/#primaryimage"},"thumbnailUrl":"https:\/\/d341ezm4iqaae0.cloudfront.net\/hiringlaborg\/sites\/3\/2024\/05\/02171114\/image.png","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.hiringlab.org\/uk\/blog\/2024\/05\/14\/uk-employment-figures-may-2024\/","url":"https:\/\/www.hiringlab.org\/uk\/blog\/2024\/05\/14\/uk-employment-figures-may-2024\/","name":"UK Employment Figures, May 2024: Strong Wage Growth Defies Broader Labour Market Cooling - Indeed Hiring Lab UK I Ireland","isPartOf":{"@id":"https:\/\/www.hiringlab.org\/uk\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.hiringlab.org\/uk\/blog\/2024\/05\/14\/uk-employment-figures-may-2024\/#primaryimage"},"image":{"@id":"https:\/\/www.hiringlab.org\/uk\/blog\/2024\/05\/14\/uk-employment-figures-may-2024\/#primaryimage"},"thumbnailUrl":"https:\/\/d341ezm4iqaae0.cloudfront.net\/hiringlaborg\/sites\/3\/2024\/05\/02171114\/image.png","datePublished":"2024-05-14T18:42:45+00:00","dateModified":"2024-06-13T16:42:21+00:00","author":{"@id":"https:\/\/www.hiringlab.org\/uk\/#\/schema\/person\/4b5c7a64267b1cb495fb45e90277f353"},"description":"The UK labour market is sending mixed signals ahead of key summer interest rate decisions for the Bank of England.","breadcrumb":{"@id":"https:\/\/www.hiringlab.org\/uk\/blog\/2024\/05\/14\/uk-employment-figures-may-2024\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.hiringlab.org\/uk\/blog\/2024\/05\/14\/uk-employment-figures-may-2024\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.hiringlab.org\/uk\/blog\/2024\/05\/14\/uk-employment-figures-may-2024\/#primaryimage","url":"https:\/\/d341ezm4iqaae0.cloudfront.net\/hiringlaborg\/sites\/3\/2024\/05\/02171114\/image.png","contentUrl":"https:\/\/d341ezm4iqaae0.cloudfront.net\/hiringlaborg\/sites\/3\/2024\/05\/02171114\/image.png","width":1600,"height":873,"caption":"Line chart titled \u201cUK posted wage growth accelerates\u201d showing the annual rate of posted wage growth in the UK, euro area and the US. UK posted wage growth quickened in April 2024 to 6.4% year-on-year."},{"@type":"BreadcrumbList","@id":"https:\/\/www.hiringlab.org\/uk\/blog\/2024\/05\/14\/uk-employment-figures-may-2024\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.hiringlab.org\/uk\/"},{"@type":"ListItem","position":2,"name":"UK Employment Figures, May 2024: Strong Wage Growth Defies Broader Labour Market 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\/13672","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=13672"}],"version-history":[{"count":0,"href":"https:\/\/www.hiringlab.org\/uk\/wp-json\/wp\/v2\/posts\/13672\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.hiringlab.org\/uk\/wp-json\/wp\/v2\/media\/13673"}],"wp:attachment":[{"href":"https:\/\/www.hiringlab.org\/uk\/wp-json\/wp\/v2\/media?parent=13672"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.hiringlab.org\/uk\/wp-json\/wp\/v2\/categories?post=13672"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hiringlab.org\/uk\/wp-json\/wp\/v2\/tags?post=13672"},{"taxonomy":"post_mwm_category","embeddable":true,"href":"https:\/\/www.hiringlab.org\/uk\/wp-json\/wp\/v2\/post_mwm_category?post=13672"},{"taxonomy":"post_topic","embeddable":true,"href":"https:\/\/www.hiringlab.org\/uk\/wp-json\/wp\/v2\/post_topic?post=13672"},{"taxonomy":"post_content_type","embeddable":true,"href":"https:\/\/www.hiringlab.org\/uk\/wp-json\/wp\/v2\/post_content_type?post=13672"},{"taxonomy":"post_duration","embeddable":true,"href":"https:\/\/www.hiringlab.org\/uk\/wp-json\/wp\/v2\/post_duration?post=13672"},{"taxonomy":"post_actions","embeddable":true,"href":"https:\/\/www.hiringlab.org\/uk\/wp-json\/wp\/v2\/post_actions?post=13672"},{"taxonomy":"post_franchise","embeddable":true,"href":"https:\/\/www.hiringlab.org\/uk\/wp-json\/wp\/v2\/post_franchise?post=13672"},{"taxonomy":"post_mwm_author","embeddable":true,"href":"https:\/\/www.hiringlab.org\/uk\/wp-json\/wp\/v2\/post_mwm_author?post=13672"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}