Learn about the latest trends in the labour market.
The latest ONS data covers the period from November 2023 to January 2024 and shows a labour market that remains tight overall but continues to slowly soften. Growth in employment has slowed while economic inactivity has increased. The unemployment rate decreased, returning to the same rate as a year ago and vacancies continue to fall although remain above pre-pandemic levels.
The economic inactivity rate was largely unchanged on the last quarter but is higher than estimates a year ago. The increase is driven by historically high numbers of people reporting they are long term sick. The number of vacancies continues to fall. This is the 19th consecutive period in which vacancies have fallen, although the pace has slowed in the last period. Vacancies are still above pre-pandemic levels.
Growth in regular pay was 6.2% on the quarter to December 2023 – down from 6.7% in the previous period. In real terms,
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