This month’s Global Labour Report provides a brief look at current employment data from the following countries: United Kingdom and Canada. MRINetwork’s talent advisory reach extends globally through a 200+ office network of executive, professional, managerial, and technical recruitment specialists.
UNITED KINGDOM
The UK’s official jobs data remains murky as the Office for Statistics Regulation which oversees the jobs data collection reports continuing concerns with gaps in regional data. The lack of reliable jobs data has frustrated Bank of England policymakers who rely on labour market data to help determine monetary and interest rate policy. In the three-month period ending in January, the UK unemployment rate was estimated to be 3.9 percent.
UK wage growth (including earnings and bonuses) was 5.6 percent higher over the same period versus the prior year, slightly lower than analysts’ expectations suggesting an easing of inflationary pressures.
KPMG expects the UK labour market to soften a bit in 2024 with unemployment drifting up to 4.2 percent while nominal pay growth remains well above inflation, improving household purchasing power. Within this softening hiring environment KPMG sees demand for skilled workers in the services and technology sectors remaining the primary driver, outpacing manufacturing and construction industries which are lagging behind. A key factor that could accelerate growth versus the current trend of weak investment and productivity growth is the rate of adaptation of new technologies, such as AI which can drive a significant acceleration in productivity growth.
Read more at UK jobs figures still not reliable, warns data watchdog | Financial Times.
MRINetwork management recruitment specialists in the UK and throughout the EU are able to source skilled talent throughout UK workplace with particular depth in access to top performers in the services and technology sectors.
CANADA
Canada added significantly more jobs than analysts’ estimates in the latest reporting period (February 2024). Led by Alberta and Nova Scotia, employment increased by 41,000 jobs versus a projected 20,000 increase and a gain of 37,000 in the prior month. However, the unemployment rate rose above its pre-pandemic rate to 5.1 percent indicating the job market may be cooling. Additionally, population growth outpaced job growth in the month. Employment gains were spread primarily across the services sector led by accommodations and food services (+26,000) and professional, scientific and technical services (+18,000).
Read more at Labour Force Survey, February 2024 | Statistics Canada.
Economists view Canada’s economic outlook as uncertain. While growth is still positive, there are concerns about inflation and the impact of rising interest rates. The Bank of Canada is navigating a delicate balance of controlling inflation without triggering a recession.
Read more at Canadian Quarterly Economic Forecast | TD Economics.
MRINetwork recruiters around the globe have access to top executive, technical, professional, and managerial talent in virtually every industry throughout the Canadian economy.