{"id":13813,"date":"2024-12-18T16:57:58","date_gmt":"2024-12-18T16:57:58","guid":{"rendered":"https:\/\/www.hiringlab.org\/uk\/?p=13813"},"modified":"2024-12-18T17:06:38","modified_gmt":"2024-12-18T17:06:38","slug":"uk-employment-figures-december-2024","status":"publish","type":"post","link":"https:\/\/www.hiringlab.org\/uk\/blog\/2024\/12\/18\/uk-employment-figures-december-2024\/","title":{"rendered":"UK Employment Figures, December 2024: Wage Growth Persistence Defies Broader Labour Market Cooling"},"content":{"rendered":"\n

Hotter-than-expected wage growth<\/a> underlines the quandary facing Bank of England rate-setters. Though the labour market has cooled significantly and heads into 2025 in a fragile state<\/a>, it continues to generate sticky and elevated wage growth, which, at 5.2% year-on-year, remains above levels consistent with the Bank\u2019s inflation target. Key for the outlook is whether that trend continues, alongside strong services inflation, limiting the Bank to only gradual interest rate cuts, or if the labour market materially weakens further, which could prompt more aggressive rate cuts. The challenge is compounded by data quality issues, which continue to muddy the waters on underlying dynamics, particularly on the labour supply side.\u00a0<\/p>\n\n\n\n

Indeed data<\/a> shows job postings have continued to slide into early December, sitting 13% below their 1 February 2020 pre-pandemic baseline, as of 6 December 2024. It\u2019s an increasingly broad-based slowing, with almost all job categories having weakened over the past year, including low-paid occupations, such as retail and hospitality, which are widely expected to be hard-hit by the employer NICs increase. That\u2019s in contrast to other European countries where job postings in these sectors remain generally elevated.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

The UK labour market heads into 2025 in a fragile state but is still generating elevated wage growth. <\/p>\n","protected":false},"author":103,"featured_media":13814,"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-13813","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, December 2024: Wage Growth Persistence Defies Broader Labour Market Cooling - Indeed Hiring Lab UK I Ireland<\/title>\n<meta name=\"description\" content=\"The UK labour market heads into 2025 in a fragile state but is still generating elevated wage growth.\" \/>\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\/12\/18\/uk-employment-figures-december-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, December 2024: Wage Growth Persistence Defies Broader Labour Market Cooling - 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