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Labour Market Report – October
Posted In: General
Posted Date: 14/11/2017 10:25:17
Octobers labour market report is the all-hailing month of the temporary and contract workers. With demand on the up across the board the statistics show a positive outlook for both employers and job seekers alike. Likely due to the seasonal change and typical rise in temporary worker interest around the time of year close, the statistics for permanent workers will predictably improve following the quarter close.
Reports showed a continued rise in demand over October for candidates across the private and public sector. Temporary workers saw the highest increase in vacancies within the public sector, whilst the private sector demonstrated a sharp increase in demand for permanent and temporary workers. The Office for National Statistics reported the increase in vacancies to be up by 4.4% on the year, an increase from the 3.9% rise seen through April to June.
Perhaps due to the competition for staff and rise in vacancies across the board, salary rates are also experiencing continued inflation with the highest recorded rates since November 2015. This rise in pay is seen in both permanent salaries and in temp/contract pay rates. Temp/contract rates were particularly high which is likely in direct correlation to the sharp rise in demand for temporary workers. Increased hourly pay rates was reported regionally at its highest in London. The Office for National Statistics has reported this overall rise to be a 2.2% increase year on year. In the private sector this was particularly high with an increase of 2.4%.
For permanent workers billings showed little change this month following previous reports. Temporary workers however were in line with the sharp rise in vacancies and salaries showing a significant growth rate as is expected with a nationwide increase in demand. The North of England was at the top of this growth rate.
These findings are based on REC’s Report on Jobs which sources UK wide labour market data.