Job vacancies fell, regular pay rose while the unemployment rate remained largely the same between July and September, according to the Office for National Statistics.
Regular pay rose at an annual rate of 7.7%, while the estimated number of vacancies in the UK fell by 58,000 to 957,000.
Jane Gratton, Deputy Director of Public Policy at the British Chambers of Commerce (BCC), said:
“There are clear signs of a cooling off in the labour market, with vacancies continuing to trend downwards and unemployment remaining static.
“But employers are still struggling, as wages continue to outpace inflation and the impact of 14 consecutive interest rate rises starts to bite. It is also a concern that the flow of inactive workers back into employment appears to have stalled.
“A thriving economy needs a skilled and flexible workforce in every region and sector. That’s why the UK Government and employers need to invest now to address the skills shortages that are holding everyone back.
“The Chancellor must use the Autumn Statement to help businesses boost their investment in high quality training. It is also essential that everyone who wants to work can access the healthcare and support they need to thrive in employment.”
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