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UK unemployment data - May 23

ended 16. May 2023

The latest labour market data is being published tomorrow at 07:00. If you'd like the chance to see your views in the local, trade and national media, please respond to the following Qs….

  • How's the jobs market holding up in your experience? It seems more robust than many predicted…
  • Many companies have increased salaries to support their staff during the cost of living crisis. Is this hindering their ability to hire new people?
  • In your experience, what are the main themes/challenges in the jobs market at present?
  • Do you expect the jobs market to improve or deteriorate during the second half of 2023, and why?

Any other thoughts, send them across. 

3 responses from the Newspage community

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Editor
Wes Wilkes
CEO at IronMarket Wealth
Overall, the UK labour market seems robust and active, particularly in senior-level positions. It remains tight and supported by significant wage growth since the pandemic. However, we may be at peak tightness and peak wage growth. As growth softens and a potential recession hits, it may be that the market loosens, unemployment rises and we see wage growth slow significantly, but it may be that this won't happen until 2024.
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Premium
Sandra Wilson
Owner/Director at Cottrell Moore Limited
There are definitely more skilled candidates available and looking to work than a few months ago. Our average time to fill a vacancy has reduced in the past few weeks and our advert response rate is up by 20%. This is a sure sign that the balance is beginning to level out. The worry, of course, is if the balance shifts too much and we end up in a downward spiral. Employers need to keep steadfast and ride out this tricky terrain where perhaps fortune favours the brave. Hopefully, companies will grasp the opportunity to drive their business forward, having struggled for some time to get quality and skilled candidates.
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Mark Grant
Business Finance Adviser at The Business Finance Branch
Our clients' overall experience of hiring at the moment is a lack of the right people for their jobs in the right location, and a higher cost of hiring in terms of salary and often agency fees where they haven't been able to attract people directly. This can add to the overall cost and risks associated with growth, just when they have had the confidence to push ahead with expansion plans. Expectations are that hiring will continue to face the same issues throughout 2023 and the businesses we are working with, where they can, are increasing their recruitment budget accordingly.