This latest labour market update summarises the state of the UK labour market in the three months to June 2023. It is based on data published by the Office for National Statistics.
The number of payrolled employees increased by 0.1% over the past month to 30.0 million (up 1.6% over the year)
- The employment rate increased by 0.2% over the quarter to 76.0% (up 0.3% over the year)
– this is a record high
- The unemployment rate increased by 0.1% over the quarter to 3.8% (unchanged over the year)
- The economic inactivity rate fell by 0.4% over the quarter to 21% (down 0.3% over the year)
- There were 93,000 redundancies during the quarter – 2,000 fewer than the previous quarter (but 37,000 more than a year ago)
- The number of vacancies fell by 7.0% over the quarter to 1,051,000 (down 19.2% over the year)
- In the Electricity & Gas industries, the number of vacancies increased by 11.3% over the quarter (up 9.3% over the year) to around 6,000
- In the Water supply, sewerage, waste & remediation activities industries, the number of vacancies increased by 1.4% over the quarter (down by 16.7% over the year) to around 7,000
- Total hours worked increased by 15.8 million hours over the quarter to 1.059 billion hours (up 13.9 million hours over the year) – this is a record high (and now above pre-pandemic levels)
- Earnings growth in average total pay (including bonuses) was up 6.5% and regular pay (excluding bonuses) was also up 7.2%
- Average regular pay growth for the private sector was up 7%
- Growth in total and regular pay fell in real terms (adjusted for inflation) over the year by 2% for total pay and 1.3% for regular pay
The Office for National Statistics’ full update on the state of the labour market in June 2023 can be found here.
The next update will be on 11 July 2023.
For further information about the labour market, migration or regional labour market indications, please email Rob Murphy, our in-house strategic workforce planning consultant.