News
Summary of the latest report
August’s Report on Jobs saw a breakthrough for growth in the labour market. Permanent placements have finally stabilised, bringing an end to the decline that has been in place since Liz Truss's premiership 45 months ago. Further to this, temporary billings have also increased for the fourth consecutive month, driven by employers' desire for more flexible workforce solutions to complete internal projects and support growth amid political and economic uncertainty and higher employment costs.
Overall demand declined at the softest pace in 22 months. Temporary vacancies rose for the first time in two years due to the growing demand for flexible workers. However, permanent vacancies continued to fall, albeit at a slower, though still solid, rate.
Pay growth for permanent salaries strengthened during July, driven by a shortage of suitably skilled and experienced candidates. Starting salaries reached a six-month high, with recruiters attributing this to employers' efforts to attract and secure candidates with the necessary skills and experience. Temporary wage growth hit a 26-month high, with the increase linked to stronger demand for workers.
Candidate availability continued to rise, extending a trend that has now lasted three and a half years, with recruiters linking the increase to a lack of job opportunities and ongoing redundancies.
Read the latest press release here
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