Recruitment

Labour Market Overview

The latest ONS Labour Market Overview reported:

• 8% or 1.29 million people were unemployed; 23% have been unemployed for more than 12 months and a 0.1% increase on previous quarter
• Employment rate increased slightly to 75.8%
• 79million people are economically inactive, 153,000 lower than the last quarter driven by 16 to 24 year olds
• Economically inactive is still nearly half a million higher than pre-pandemic levels, of which 590,000 are classified as long term sick but want to have a job
• Vacancies fell again to 1.10 million, the ninth consecutive quarterly fall.  The number of unemployed people per vacancy was slightly up at 1.2 due to the decrease in vacancies
• Record level of payrolled employees at 30 million, up 533,000 over the 12-month period
• Growth in total pay was 5.9% and regular pay was 6.6% and they fell in real terms by 3% and 2.3% respectively. This is one of the largest falls since 2001
• 9 million people were claiming Universal Credit, of which 1.44 million were searching for work
• Redundancies rose again to 3.2 per thousand employees and remains low