Scottish labour market figures show continued strength – Scottish Business News

Ann Frances Cooney, Head of Employment, Scotland at DWF, has released a statement regarding the latest Scottish labour market figures.

She commented:

“The latest Scottish labour figures for May to July 2024 show continued strength across the market.  The figures indicate that over the quarter the unemployment rate decreased, while the employment rate increased and the inactivity rate decreased. 

“The headline figures for this period show the employment rate in Scotland was 74.2%, up 1.2% over the quarter.  By way of comparison Scotland’s employment rate was below the UK rate of 74.8%.  The unemployment rate was 4.2%, down 0.5% over the quarter.  Scotland’s unemployment rate was slightly above the UK rate of 4.1%. 

“The latest early estimates for August 2024 indicate that median monthly pay for payrolled employees in Scotland was £2,443, an increase of 6% compared to the same period the previous year.  This is lower than the annual growth in median monthly pay for the UK over the same period.  Employers are continuing to balance demands for increased pay against rising overheads. 

“As we look ahead we are likely to see some caution from employers reflected in the labour market as we await the extensive raft of employment law reform expected from the new government.  Employers report being particularly concerned about the prospect of “day 1 rights” which, if introduced, will provide employees with protection from unfair dismissal and enhanced rights to request flexible working. It will be interesting to see how this could impact decisions about recruitment and workforce expansion as many employers are already taking legal advice with regard to the proposed changes.”