Bank of England right to criticise jobs data

The Bank of England Governor is right to criticise poor jobs data, but there are alternative sources that aren’t being used, according to Janine Chidlow, Managing Director EMEA at WilsonHCG:

“The issues around access to quality, real-time job data have been growing throughout the year and Wilson has flagged on multiple occasions that this needs to be rectified, particularly where critical decisions are being made around economic and business growth. Andrew Bailey’s comments last night really do emphasise this point, but it can’t be ignored that there are other routes to accessing this data. The talent acquisition sector, for example, has access to real time data on both hiring activity and placements, which many are willing to share, particularly if it paints a clearer picture of the employment market.

“Outside the Bank of England, it’s imperative the business leaders themselves are ensuring data driven decisions are being informed by truly accurate statistics. We’ve seen ONS figures revised month-by-month for most of 2024, often painting a more positive picture as a result. If employers are taking these statistics as gospel, then it’s no surprise that many are being overly cautious about hiring. Aside from questioning the quality of the data that is being used to steer hiring intentions, we would also urge decision makers to be conscious of the relevance. Quite often the statistics cited are out of date by the time they are published. Again, there are ways to gain access to real-time data through the talent acquisition sector, but these sources are too often ignored.”




Press contact:
Vickie Collinge
vickie@bluesky-pr.com
01582 790 705