{"id":13796,"date":"2024-11-13T15:55:17","date_gmt":"2024-11-13T15:55:17","guid":{"rendered":"https:\/\/www.hiringlab.org\/uk\/?p=13796"},"modified":"2024-11-13T15:56:23","modified_gmt":"2024-11-13T15:56:23","slug":"uk-employment-figures-labour-market-continues-to-cool","status":"publish","type":"post","link":"https:\/\/www.hiringlab.org\/uk\/blog\/2024\/11\/13\/uk-employment-figures-labour-market-continues-to-cool\/","title":{"rendered":"UK Employment Figures, November 2024: Labour Market Continues to Cool, but Wage Growth Remains Sticky"},"content":{"rendered":"\n

According to the latest data from the Office for National Statistics<\/a> (ONS), the UK labour market continued to cool gradually in the third quarter. Vacancies fell by 35,000 to 831,000 nationwide, and have fallen continuously from post-pandemic peaks for over two years. <\/p>\n\n\n\n

Year-over-year growth in regular pay continues to ease, falling 0.1 percentage points to 4.8% in July to September, though even that slower pace remains uncomfortably high<\/a> for Bank of England policymakers. That\u2019s one reason why the Bank has signalled that further reductions in interest rates are likely to be gradual<\/a>, mindful of upside inflation risks should firms pass on higher labour costs by raising prices. <\/p>\n\n\n\n

The unemployment rate edged up 0.1 percentage points, to 4.3% in the three months to September, while inactivity dropped over the quarter. However, these estimates come with the usual warning given ongoing issues<\/a> with the underlying Labour Force Survey, which continues to complicate policymakers\u2019 task of assessing underlying labour market strength.\u00a0<\/p>\n\n\n\n

Broadly, the figures show a labour market that continues to gradually loosen but remains somewhat tight, with 1.8 unemployed jobseekers for each vacancy<\/a>. That\u2019s up from lows of 1.0 in mid-2022 but is similar to immediate pre-pandemic levels, and still relatively low by the standards of the past two decades. <\/p>\n\n\n\n

Tackling economic inactivity remains a priority<\/a> for the government, which wants to boost labour supply as one pillar of raising the UK economy\u2019s growth potential. But the UK labour market faces a handful of near-term headwinds. October\u2019s Budget announcements, which included a hike in employer social security contributions, are expected to weigh on employment<\/a>. And the government\u2019s workers\u2019 rights agenda<\/a> is also likely to push employers towards a more cautious approach to hiring. <\/p>\n","protected":false},"excerpt":{"rendered":"

Despite slower hiring demand, the UK labour market remains relatively tight.<\/p>\n","protected":false},"author":103,"featured_media":13797,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"recruiter-hub-blocks.php","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[1],"tags":[252],"post_mwm_category":[349],"post_topic":[],"post_content_type":[],"post_duration":[],"post_actions":[],"post_franchise":[],"post_mwm_author":[305],"class_list":["post-13796","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_mwm_category-state-of-the-labour-market","post_mwm_author-jackkennedy"],"acf":[],"yoast_head":"\nUK Employment Figures, November 2024: Labour Market Continues to Cool, but Wage Growth Remains Sticky - Indeed Hiring Lab UK I Ireland<\/title>\n<meta name=\"description\" content=\"According to the latest data from the Office for National Statistics (ONS), the UK labour market continued to cool gradually in the third quarter.\" \/>\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\/11\/13\/uk-employment-figures-labour-market-continues-to-cool\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UK Employment Figures, November 2024: Labour Market Continues to Cool, but Wage Growth Remains Sticky - Indeed Hiring Lab UK I Ireland\" \/>\n<meta property=\"og:description\" content=\"According to the latest data from the Office for National Statistics (ONS), the UK labour market continued to cool gradually in the third quarter.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.hiringlab.org\/uk\/blog\/2024\/11\/13\/uk-employment-figures-labour-market-continues-to-cool\/\" \/>\n<meta property=\"og:site_name\" content=\"Indeed Hiring Lab UK I Ireland\" \/>\n<meta property=\"article:published_time\" content=\"2024-11-13T15:55:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-13T15:56:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.hiringlab.org\/uk\/wp-content\/uploads\/sites\/3\/2024\/11\/unnamed-3.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"889\" \/>\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\/11\/13\/uk-employment-figures-labour-market-continues-to-cool\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.hiringlab.org\/uk\/blog\/2024\/11\/13\/uk-employment-figures-labour-market-continues-to-cool\/\"},\"author\":{\"name\":\"ltheissen\",\"@id\":\"https:\/\/www.hiringlab.org\/uk\/#\/schema\/person\/4b5c7a64267b1cb495fb45e90277f353\"},\"headline\":\"UK Employment Figures, November 2024: Labour Market Continues to Cool, but Wage Growth Remains Sticky\",\"datePublished\":\"2024-11-13T15:55:17+00:00\",\"dateModified\":\"2024-11-13T15:56:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.hiringlab.org\/uk\/blog\/2024\/11\/13\/uk-employment-figures-labour-market-continues-to-cool\/\"},\"wordCount\":296,\"image\":{\"@id\":\"https:\/\/www.hiringlab.org\/uk\/blog\/2024\/11\/13\/uk-employment-figures-labour-market-continues-to-cool\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/d341ezm4iqaae0.cloudfront.net\/hiringlaborg\/sites\/3\/2024\/11\/02171036\/unnamed-3.png\",\"keywords\":[\"Featured\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.hiringlab.org\/uk\/blog\/2024\/11\/13\/uk-employment-figures-labour-market-continues-to-cool\/\",\"url\":\"https:\/\/www.hiringlab.org\/uk\/blog\/2024\/11\/13\/uk-employment-figures-labour-market-continues-to-cool\/\",\"name\":\"UK Employment Figures, November 2024: Labour Market Continues to Cool, but Wage Growth Remains Sticky - Indeed Hiring Lab UK I Ireland\",\"isPartOf\":{\"@id\":\"https:\/\/www.hiringlab.org\/uk\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.hiringlab.org\/uk\/blog\/2024\/11\/13\/uk-employment-figures-labour-market-continues-to-cool\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.hiringlab.org\/uk\/blog\/2024\/11\/13\/uk-employment-figures-labour-market-continues-to-cool\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/d341ezm4iqaae0.cloudfront.net\/hiringlaborg\/sites\/3\/2024\/11\/02171036\/unnamed-3.png\",\"datePublished\":\"2024-11-13T15:55:17+00:00\",\"dateModified\":\"2024-11-13T15:56:23+00:00\",\"author\":{\"@id\":\"https:\/\/www.hiringlab.org\/uk\/#\/schema\/person\/4b5c7a64267b1cb495fb45e90277f353\"},\"description\":\"According to the latest data from the Office for National Statistics (ONS), the UK labour market continued to cool gradually in the third quarter.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.hiringlab.org\/uk\/blog\/2024\/11\/13\/uk-employment-figures-labour-market-continues-to-cool\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.hiringlab.org\/uk\/blog\/2024\/11\/13\/uk-employment-figures-labour-market-continues-to-cool\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.hiringlab.org\/uk\/blog\/2024\/11\/13\/uk-employment-figures-labour-market-continues-to-cool\/#primaryimage\",\"url\":\"https:\/\/d341ezm4iqaae0.cloudfront.net\/hiringlaborg\/sites\/3\/2024\/11\/02171036\/unnamed-3.png\",\"contentUrl\":\"https:\/\/d341ezm4iqaae0.cloudfront.net\/hiringlaborg\/sites\/3\/2024\/11\/02171036\/unnamed-3.png\",\"width\":1600,\"height\":889,\"caption\":\"Line chart titled \u201cUK labour market remains fairly tight\u201d shows the ratio of unemployed people to vacancies from 2001 to 2024. At 1.8, the ratio remains relatively low by the standards of the past two decades.\u00a0\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.hiringlab.org\/uk\/blog\/2024\/11\/13\/uk-employment-figures-labour-market-continues-to-cool\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.hiringlab.org\/uk\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"UK Employment Figures, November 2024: Labour Market Continues to Cool, but Wage Growth Remains Sticky\"}]},{\"@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, November 2024: Labour Market Continues to Cool, but Wage Growth Remains Sticky - Indeed Hiring Lab UK I Ireland","description":"According to the latest data from the Office for National Statistics (ONS), the UK labour market continued to cool gradually in the third quarter.","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\/11\/13\/uk-employment-figures-labour-market-continues-to-cool\/","og_locale":"en_US","og_type":"article","og_title":"UK Employment Figures, November 2024: Labour Market Continues to Cool, but Wage Growth Remains Sticky - Indeed Hiring Lab UK I Ireland","og_description":"According to the latest data from the Office for National Statistics (ONS), the UK labour market continued to cool gradually in the third quarter.","og_url":"https:\/\/www.hiringlab.org\/uk\/blog\/2024\/11\/13\/uk-employment-figures-labour-market-continues-to-cool\/","og_site_name":"Indeed Hiring Lab UK I Ireland","article_published_time":"2024-11-13T15:55:17+00:00","article_modified_time":"2024-11-13T15:56:23+00:00","og_image":[{"width":1600,"height":889,"url":"https:\/\/www.hiringlab.org\/uk\/wp-content\/uploads\/sites\/3\/2024\/11\/unnamed-3.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\/11\/13\/uk-employment-figures-labour-market-continues-to-cool\/#article","isPartOf":{"@id":"https:\/\/www.hiringlab.org\/uk\/blog\/2024\/11\/13\/uk-employment-figures-labour-market-continues-to-cool\/"},"author":{"name":"ltheissen","@id":"https:\/\/www.hiringlab.org\/uk\/#\/schema\/person\/4b5c7a64267b1cb495fb45e90277f353"},"headline":"UK Employment Figures, November 2024: Labour Market Continues to Cool, but Wage Growth Remains Sticky","datePublished":"2024-11-13T15:55:17+00:00","dateModified":"2024-11-13T15:56:23+00:00","mainEntityOfPage":{"@id":"https:\/\/www.hiringlab.org\/uk\/blog\/2024\/11\/13\/uk-employment-figures-labour-market-continues-to-cool\/"},"wordCount":296,"image":{"@id":"https:\/\/www.hiringlab.org\/uk\/blog\/2024\/11\/13\/uk-employment-figures-labour-market-continues-to-cool\/#primaryimage"},"thumbnailUrl":"https:\/\/d341ezm4iqaae0.cloudfront.net\/hiringlaborg\/sites\/3\/2024\/11\/02171036\/unnamed-3.png","keywords":["Featured"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.hiringlab.org\/uk\/blog\/2024\/11\/13\/uk-employment-figures-labour-market-continues-to-cool\/","url":"https:\/\/www.hiringlab.org\/uk\/blog\/2024\/11\/13\/uk-employment-figures-labour-market-continues-to-cool\/","name":"UK Employment Figures, November 2024: Labour Market Continues to Cool, but Wage Growth Remains Sticky - Indeed Hiring Lab UK I Ireland","isPartOf":{"@id":"https:\/\/www.hiringlab.org\/uk\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.hiringlab.org\/uk\/blog\/2024\/11\/13\/uk-employment-figures-labour-market-continues-to-cool\/#primaryimage"},"image":{"@id":"https:\/\/www.hiringlab.org\/uk\/blog\/2024\/11\/13\/uk-employment-figures-labour-market-continues-to-cool\/#primaryimage"},"thumbnailUrl":"https:\/\/d341ezm4iqaae0.cloudfront.net\/hiringlaborg\/sites\/3\/2024\/11\/02171036\/unnamed-3.png","datePublished":"2024-11-13T15:55:17+00:00","dateModified":"2024-11-13T15:56:23+00:00","author":{"@id":"https:\/\/www.hiringlab.org\/uk\/#\/schema\/person\/4b5c7a64267b1cb495fb45e90277f353"},"description":"According to the latest data from the Office for National Statistics (ONS), the UK labour market continued to cool gradually in the third quarter.","breadcrumb":{"@id":"https:\/\/www.hiringlab.org\/uk\/blog\/2024\/11\/13\/uk-employment-figures-labour-market-continues-to-cool\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.hiringlab.org\/uk\/blog\/2024\/11\/13\/uk-employment-figures-labour-market-continues-to-cool\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.hiringlab.org\/uk\/blog\/2024\/11\/13\/uk-employment-figures-labour-market-continues-to-cool\/#primaryimage","url":"https:\/\/d341ezm4iqaae0.cloudfront.net\/hiringlaborg\/sites\/3\/2024\/11\/02171036\/unnamed-3.png","contentUrl":"https:\/\/d341ezm4iqaae0.cloudfront.net\/hiringlaborg\/sites\/3\/2024\/11\/02171036\/unnamed-3.png","width":1600,"height":889,"caption":"Line chart titled \u201cUK labour market remains fairly tight\u201d shows the ratio of unemployed people to vacancies from 2001 to 2024. At 1.8, the ratio remains relatively low by the standards of the past two decades.\u00a0"},{"@type":"BreadcrumbList","@id":"https:\/\/www.hiringlab.org\/uk\/blog\/2024\/11\/13\/uk-employment-figures-labour-market-continues-to-cool\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.hiringlab.org\/uk\/"},{"@type":"ListItem","position":2,"name":"UK Employment Figures, November 2024: Labour Market Continues to Cool, but Wage Growth Remains Sticky"}]},{"@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\/13796","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=13796"}],"version-history":[{"count":0,"href":"https:\/\/www.hiringlab.org\/uk\/wp-json\/wp\/v2\/posts\/13796\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.hiringlab.org\/uk\/wp-json\/wp\/v2\/media\/13797"}],"wp:attachment":[{"href":"https:\/\/www.hiringlab.org\/uk\/wp-json\/wp\/v2\/media?parent=13796"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.hiringlab.org\/uk\/wp-json\/wp\/v2\/categories?post=13796"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hiringlab.org\/uk\/wp-json\/wp\/v2\/tags?post=13796"},{"taxonomy":"post_mwm_category","embeddable":true,"href":"https:\/\/www.hiringlab.org\/uk\/wp-json\/wp\/v2\/post_mwm_category?post=13796"},{"taxonomy":"post_topic","embeddable":true,"href":"https:\/\/www.hiringlab.org\/uk\/wp-json\/wp\/v2\/post_topic?post=13796"},{"taxonomy":"post_content_type","embeddable":true,"href":"https:\/\/www.hiringlab.org\/uk\/wp-json\/wp\/v2\/post_content_type?post=13796"},{"taxonomy":"post_duration","embeddable":true,"href":"https:\/\/www.hiringlab.org\/uk\/wp-json\/wp\/v2\/post_duration?post=13796"},{"taxonomy":"post_actions","embeddable":true,"href":"https:\/\/www.hiringlab.org\/uk\/wp-json\/wp\/v2\/post_actions?post=13796"},{"taxonomy":"post_franchise","embeddable":true,"href":"https:\/\/www.hiringlab.org\/uk\/wp-json\/wp\/v2\/post_franchise?post=13796"},{"taxonomy":"post_mwm_author","embeddable":true,"href":"https:\/\/www.hiringlab.org\/uk\/wp-json\/wp\/v2\/post_mwm_author?post=13796"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}