Latest data shows economic activity to pick up: but planned redundancies a concern

Responding to the latest economic activity and social change data from the Office for National Statistics (ONS), Ann Swain, Global CEO at the Association of Professional Staffing Companies (APSCo) comments:

While the fall in online jobs noted in the latest statistics is to be expected given the summer holidays, the data does show that economic activity looks set to pick up again next month. With more businesses expecting their turnover to increase in September, the indicators suggest that positivity is on the cards for the remainder of the year.

With inflation falling and GDP seeing better than expected growth, the recruitment market is likely to see an uplift in activity once again. However, skills shortages remain a significant challenge across many sectors, which makes the planned redundancy figures in today’s publication a concern.

As we saw during the pandemic, employers that cut staff found it difficult to replace them once the economic recovery began. Businesses stripping back resources now may face a similar problem in the coming quarter.