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PwC comments on ONS November labour market figures

14 Dec 2021

Rob Clarry, economist at PwC UK, says,

"Today’s jobs report showed another positive month for the labour market recovery. The headline unemployment rate fell to 4.2% and demand for workers continued to grow as the number of job vacancies reached a record high for the sixth month in a row. 

While we do not yet have the full picture following the end of the furlough scheme, as some of the people made redundant are still working their notice period, the data points towards growing tightness in the labour market

"However, there are some tentative signs that the demand for labour could be reaching its peak, with growth in vacancies starting to slow. 

"It remains too early to judge the impact of the Omicron variant on the labour market. But we expect it to hit consumer demand for contact-intensive sectors, such as food and hospitality, over the near term. This could reduce demand for labour in these sectors over the coming months."

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David Bowden

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