Paul Butterworth, CEO at Chambers Wales South East, South West and Mid, said:
“The latest labour market data provides a mixed picture of the employment landscape; vacancies continue to fall and the unemployment rate is falling but economic inactivity levels are persistently high and employment costs are still a significant concern for employers.
“In Q2 of 2024, over three quarters of businesses in Wales (76%) were under pressure to raise their prices due to labour costs according to our Quarterly Economic Survey. These pressures coexist with recruitment challenges, and attracting and retaining talent in Wales with the right skills for their sectors.
“Bridging the skills gap could help bring more of a balance to the labour market and this could be achieved through improved collaboration between businesses, academia, and educational institutions and providers, as well as Regional Learning and Skills Partnerships which can identify and promote skills pathways at a more focused, local level.”
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