Unemployment Falls Marginally
The labour market shows a gradual slowdown, with vacancies still above pre-pandemic levels, while pay rates remain high due to last year's inflation.
The latest ONS data cover the period from May to July 2023 and show a labour market that remains tight but with increasing signs of softening. The employment rate decreased while both the unemployment and inactivity rate increased. Vacancies continue to fall although remain above pre-pandemic levels.
Real time Pay-As-You-Earn data for August 2023 remained broadly unchanged from the previous quarter – with 30.1 million payrolled employees in the labour market.
Latest Market Insights
The labour market continues to cool
This month's labour market figures continue to show signs of gradual cooling, with the number of vacancies still falling and unemployment rising.
The labour market continues to show signs of cooling
This month’s figures continue to show signs that the labour market may be cooling. The number of vacancies continues to fall and is unemployment rising.