There are signs of cooling in the hot labor market in the UK

2024-02-21 23:54:08 breaking news

Data show that although the recruitment information released by employers during 2023 has decreased and the economy is 重大事件weak, the British labor market is still tight.

At the beginning of December last year, Indeed's recruitment information increased by 48%before COVID-19.But on December 1 this year, this proportion has been reduced to 10%.

"Entering 2024, the British economy will face a strong economic backwind. However, the labor market continues to show elasticity, and the imbalance of labor supply and demand is gradually alleviating," said indeed economist Jack Kennedy.

The Bank of England is paying close attention to the British employment market because it is worried that the shortage of labor will keep wage growth at a high level and make the inflation rate difficult to return to the target of 2%after reaching an 11.1%high point in October 2022.

In October this year, consumer price inflation rate was 4.6%, which was higher than the level of other major developed economies.

In fact, the data shows that in the three months of the end of October, Britain's advertising salary increased by 7.0%over the same period last year, while the increase in the United States and the euro zone was 4.2%and 3.8%, respectively.

As of the three months of September, the official labor market data from the UK showed that except for the bonuses, the average annual growth rate was 7.7%, which was slightly lower than the 7.9%of the summer record.October data will be announced on December 12.

In the third quarter, the unemployment rate was 4.2%, which was higher than 3.7%at the end of 2022. Although the British Statistics Bureau was reviewing this data due to the sharp decline in the response rate.

Indeed said that as of the end of October, the proportion of recruitment information that provided remote or mixed job selection has fallen from 16.3%in early May to 14.4%, which may reflect a slightly reduced competition for employees.