UK Labour Market Update: December 2024 - What Recruiters Need to Know
17 Dec 2024
17 Dec 2024 by Luke Puplett - Founder
The latest ONS figures show some interesting shifts in the UK labour market as we close out 2024. Here's what recruitment professionals should be paying attention to.
Wage Growth Remains Strong
Average weekly earnings (including bonuses) grew by 5.2% between August and October 2024, up from 4.4% in the previous quarter. In real terms (accounting for inflation), this represents a 2.2% increase in workers' purchasing power.
The private sector continues to lead wage growth at 5.4%, while the public sector trails at 4.3%. Manufacturing remains the standout sector, showing the strongest regular pay growth at 6.0%.
Sector Highlights
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Manufacturing
Leading the pack with 6.0% regular pay growth
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Construction
Highest total pay growth (including bonuses) at 6.6%
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Private Sector
Maintaining robust growth at 5.4%
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Public Sector
Showing more modest increases at 4.3%
What This Means for Recruiters
These figures suggest a job market that remains competitive for talent acquisition, despite economic headwinds. The continued strong wage growth indicates that employers are still willing to pay more to secure and retain talent, though the pace varies significantly by sector.
For recruitment professionals, this data suggests that:
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Salary negotiations remain a crucial factor in successful placements
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Manufacturing and construction sectors may offer the best opportunities for candidate placement
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Public sector recruitment may require different strategies given the lower wage growth
Data source: Office for National Statistics, Labour Market Overview, UK: December 2024
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