ANN Frances Cooney of DWF has commented on the latest labour market figures for Scotland:
“During the period July to September 2023 Scotland’s labour market remained strong despite ongoing economic challenges. The unemployment rate decreased, while the employment rate was slightly higher and the inactivity rate increased. The adjusted experimental unemployment rate in Scotland was 3.9%, down 0.1% over the quarter. By way of comparison Scotland’s unemployment rate was below the UK rate of 4.2%. The adjusted experimental employment rate in Scotland was 74.3%, slightly higher than the previous quarter. Scotland’s adjusted experimental employment rate was below the UK rate of 75.7%.
Early seasonally adjusted estimates for October 2023 from HMRC Pay As You Earn Real Time Information indicate that median monthly pay for payrolled employees in Scotland was up 6.7% compared with October 2022. With labour costs rising employers are having to look to reduce outgoings in other areas and many are taking a more cautious approach to recruitment. We will have to wait and see whether wage inflation continues at the same rate.”
Ann Frances Cooney is an employment expert and partner in the employment team at DWF.
The latest labour market figures for Scotland can be found here.