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If employers can think differently about how they provide work opportunities. the proportion of people of all ages who want a job and can t find one the rate of unemployment is very low, which is good, but can also present an economic problem. we still have millions of working age people who are not actively looking for a job, either because they re in education, they are unable to, or then maybe they re too unwell to look for a job. and that means employers have to compete for the ones that are looking for a job, pushing wages up, which in turn pushes inflation up, which then makes people ask for higher wages. and it s that wage spiral that the bank of england is so afraid of. for now, demand for workers is still outstripping supply. but there are signs that private sector employers are scaling back on hiring, as the outlook for the economy darkens. that s not an option for public services, who can t treat or teach fewer people, and whose wages have lagged behind the private secto ....
We need to see those figures go down by another half a million to get back to that point. there is a huge amount of work to be done but there are some encouraging signs at least, and they are early signs but some encouraging signs over the last quarter that those figures are beginning to come down. we still have millions of working age people who are not actively looking for a job either because they are in education, they are unable to, maybe they are too unwell to look for a job, and that means employers have to compete for the ones looking for a job, pushing wages up, which in turn pushes inflation, which then makes people ask for higher wages, and it s that wage spiral the bank of england is so afraid of. strong wage growth may mean higher interest rates ahead and worker shortages are also a headache for businesses wanting to expand. there is still strong demand for the goods and services but they are not necessarily able to deliver them because they can t get the people. what this ....
That s a fall of 56,000 over the last three months, and the demand for workers also fell slightly, with the number of vacancies down 76,000, but there are still 1.1 million unfilled jobs. the government wants to see more over 50s back at work. we have quite a long way to go to get back to where we were prepandemic. in fact, we would need to see those figures go down by about another 500,000 to get back to that point. so there is a huge amount of work to be done, but there are some encouraging signs at least, and they are early signs but encouraging signs over the last quarter, that those figures are beginning to come down. we still have millions of working age people who are not actively looking for a job, either because they are in education, unable to or maybe they are too unwell to look for a job, and that means that employers have to compete for the ones that are looking for a job, pushing wages up, which in turn pushes inflation up, which then makes people ask for higher wages, an ....
To be done, but there are some encouraging signs at least, and they are early signs but encouraging signs over the last quarter, that those figures are beginning to come down. we still have millions of working age people who are not actively looking for a job, either because they are in education, unable to or maybe they are too unwell to look for a job, and that means that employers have to compete for the ones that are looking for a job, pushing wages up, which in turn pushes inflation up, which then makes people ask for hiring wages, and it is that wage spiral that the bank of england is so afraid of. demand for workers is still outstripping supply, but falling vacancies show some employers remain cautious. 2022 was a difficult year, having started out very optimistically, so i would say employers are looking to stabilise the situation, try and get through the first half of 2023, hopefully inflation stabilises and vacancies will start to grow again as the year progresses. private se ....
Have to pay more and employers have to pay more and it makes the market as tight as it is. so until we really see some pressure there. even with wages up, inflation is actually up even more so. bill: what are you seeing on jobs out there? the jobs outlook and what is happening with the big companies? did die mon suggest the fears of a recession have ebbed? no, he is seeing a slowing economy. the fed is not done yet. he said to me the whole market is expecting the fed will take it to 5%. creeping up to 5%. he said i think it six pers percent. if the fed keeps raising rate and go to 6% it will slow other things as well. an economy continuing to weaken. employment will catch up. unemployment will catch up. so far the wage number and tightness of the labor market has kept employment looking good. it s a lagging indicator. ....