- The latest labour market data published by the Office for National Statistics (ONS) pointed to a difficult period for employees and job seekers.
- The unemployment rate increased, while job vacancies fell.
- The Growth Company (GC) offers a range of services to help individuals into sustained employment; as well as to make sure employers can find the right candidates in a competitive market.
Earlier today, the ONS published its latest quarterly overview of the UK labour market. The report included estimates of employment, unemployment, economic inactivity, wage growth, and other employment-related statistics.
The data suggested that persistently high inflation and successive interest rate rises have begun to have a negative – and significant – impact on job security and opportunities.
Quarterly Employment Data
The national employment rate stood at 75.7 percent between April and June 2023 – a 0.1 percent decrease on the previous three-month period. According to the ONS, this small drop was mainly accounted for by full-time employees and self-employed workers.
The unemployment rate rose by 0.3 percent to 4.2 percent. The ONS said this was driven by those who had been unemployed for up to 6 months.
The economic inactivity rate, meanwhile, fell by 0.1 percent to 20.9 percent. The decrease was largely down to people who were looking after family. Meanwhile, inactivity due to long-term sickness reached a record high.
Quarterly Job Vacancies
From May to July 2023, the number of job vacancies stood at 1,020,000 – a reduction of 66,000, or 6.47 percent, on February to April, and the 13th consecutive decline.
Quarterly Wage Growth
During April to June, average total pay growth, which includes bonuses, was 8.2 percent. Average total regular pay growth, which excludes bonuses, was 7.8 percent.
However, it should be noted that the Consumer Price Index (CPI) measure of inflation remained relatively high in the 12 months to July.
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