Chamber responds to latest ONS data

Responding to the latest market data, published by the ONS this morning, Policy and Representation Executive, Will Evans-Jones said: 

“The recent ONS data is suggesting that the jobs market is continuing to be affected, as unemployment rises. With the addition of vacancies falling and wage growth slowing down. However, the data is suggesting that pay rises are still surpassing inflation as erosion to businesses operating margins continue to be hit. 

The scale of these challenges facing businesses, should not be underestimated.  

Steep increases in the national insurance and national living wage have increased the pressure of business. Recruitment remains challenging, with businesses citing labour costs as their biggest pressure in our Q1 and Q2 QES.  

Financial pressures that are also damaging firms’ chances of up-skilling new and current employees. With skills remaining a massive challenge for business, hampering future investment opportunities.  

We have welcomed the production of the Governments Industrial Strategy, and hope that this, along with improving financial costs, apprenticeships and tackling health investment will play a crucial role in restoring balance in the labour market.”   

More details on the ONS data can be found here – Employment and labour market – Office for National Statistics