REC response to ONS labour market figures, November 2024

The ONS has published its latest labour market statistics this morning. The Recruitment and Employment Confederation (REC) Chief Executive Neil Carberry said:

“Today’s labour market statistics confirm the cooling trend on pay and vacancies suggested by the business surveys. This shows that the Bank of England is right to go for a period of rate cuts as pay pressures have eased and growth needs to be the focus.

“Going for growth also means boosting business investment. Many businesses will be feeling bruised by the large increases to their employment costs in the Budget and Employment Rights Bill. Getting growth going is what makes changes more affordable, that’s why firms will be looking for real change on industrial strategy, public service reform and skills.

“The stable picture on temporary workers emphasises again how important flexible working is for workers and companies alike when things are uncertain. From keeping the NHS on its feet to helping people find their first steps in work, government needs to embrace the many ways in which people work today if it is to be successful. Backing temporary workers matters to our economy – but most of all to the temps themselves.”

Notes to editors

Britain’s temporary labour market is working well for people, firms and the modern economy – with about 1 million temps working every day. Its success at bringing and retaining people in the labour force is vital to the new government’s central mission of driving growth. We're proud to share the voices of temporary workers - showing first-hand the impact temporary work has on the lives of individuals. These stories emphasise how important it is that employment regulation protects workers, but doesn't stop people from accessing flexible work. The 'Voice of the worker' campaign is underpinned by our survey of 520 temp agency workers in Britain in June 2024, where we asked why agency work matters to them.

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The REC is the voice of the recruitment industry, speaking up for great recruiters. We drive standards and empower recruitment businesses to build better futures for great candidates and themselves. We are champions of an industry which is fundamental to the strength of the UK economy.

Find out more about the Recruitment & Employment Confederation at www.rec.uk.com.