Labour Market Update – May 2023
May has been an eventful month, as the nation watched the coronation of King Charles III and Queen Camilla with celebrations across the country, as well as 3 bank holidays. There has also been some slight changes within the labour market. The latest ONS Labour Market Overview reported:
The latest REC Labour Market Tracker revealed that job adverts remain at high levels despite inflation concerns. There were 189,832 new job listings in the week 17-23 April, which was 31.8% higher than the week before, as companies returned to hiring after the Easter break. There are more than 1.4 million active job adverts.
KPMG and REC, UK Report on Jobs: North of England, reports that the North of England continued to record the strongest rise in both temporary and permanent types of job vacancies across the monitored English regions in April. However, there was another slowdown in the rate of permanent job vacancy growth in the North of England during April, continuing the trend which started in the previous survey period. In fact, the increase in permanent job openings was the slowest since February 2021. On the other hand, demand for temporary staff rose at a faster pace.
The Resolution Foundation has published two new reports that impact on the labour market. The first one the Labour Market Outlook Q1 2023 which focuses on a longer-term issue of the decline in workplace training, and the impact on low-paid workers. The second being Growing, but for how long? which looks at how the labour market has grown since Covid and how sustainable this is due to inactivity among the over 50s and long-term illnesses remains stubbornly high, there continue to be signs that firms’ demand for workers is cooling, and average pay, despite growing fast in cash terms, continues to fall in real terms.
ONS report on the Motivations of those aged 50 to 65 years leaving work during the coronavirus (COVID-19) pandemic in Great Britain from March 2020, why they left and whether or not they intend to return. Based on adults aged 50 to 65 years in Great Britain (GB) who have left or lost their job since the start of the coronavirus (COVID-19) pandemic and not returned to work was due to:
To support the labour market, Jobcentre Plus has produced a short video: How Jobcentre Plus can help you recruit which explains the services they have to offer and how they can support employer’s recruitment campaigns.
The Telegraph reported that net migration is on track to be as high as one million when figures are released later this month. This will surpass the previous peak of 504,000 in the year to June 2022. The surge is fuelled by a continued sharp increase in non-EU migrants entering the UK to study, work or escape conflict or oppression.