REC response to ONS labour market figures, October 2024

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

“This image reflects a job market poised for a catalyst. Currently, employers are treading water, with employment rates lagging 2020 levels, high inactivity, and vacancies still exceeding pre-pandemic figures. But pay growth is providing enough calm water for the Bank to feel confident about going a bit further with interest rate reductions.

“Employers are eager to get back to business now that the General Election is behind us and there’s more clarity on the Employment Rights Bill and the Industrial Strategy. The upcoming Budget is critical in this context. A stronger sense of confidence in economic recovery will encourage employers to start hiring and investing again.”

Notes to editors

Click here to view all REC press releases and for more information and interview enquiries, contact the REC Press Office on 020 7009 2157, 020 7009 2129 or pressoffice@rec.uk.com. Outside of regular office hours, please call 07702 568 829.

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.