Commenting on last week’s ONS Labour Market Overview for July to September 2020, David Morel, CEO of Tiger Recruitment said:
“The latest ONS labour market figures for the three months to September show a record high of redundancies and a sharp rise in unemployment as the pandemic continues to take its toll on livelihoods.
However, there are also some positives in the data which give reason for cautious optimism. Job vacancies continued to recover in the period August to October. While these remain below pandemic levels and are 278,000 (34.6%) less than a year ago, this is a move in the right direction and an upward trend we see reflected in our own data. Unlike the first lockdown in March, we have continued to receive consistent numbers of job briefs since the lockdown announcement a few weeks ago.
Pay also continued to rise; the annual growth in both total pay (1.3%) and regular pay (1.9%) in July to September 2020 was above the rate of inflation. This positive news corroborates our own data which saw candidates receive an average 3% pay rise in Q3 this year.
I’m hopeful that current lockdown restrictions will be lifted on 2nd December, as planned, and that businesses can get back on an even keel. The news of an imminent Covid vaccine and the US election result offer more certainty to businesses which will feed in positively to the UK economy, and result in greater hiring confidence among employers.”