From October to December 2022, the UK employment rate was 75.6%, 0.2 percentage points higher than the previous three months
Part-time workers accounted for most of the increase in employment over the past three months. In January 2023, pay rolled employees are estimated at 30 million, up 102,000 from December 2022’s revised figures.
The unemployment rate increased by 0.1 percentage points to 3.7% in October to December 2022
Unemployment among people aged 16-24 years increased during the past three months, driven by those who had been unemployed for at least six months.
October to December 2022 saw a decrease in economic inactivity of 0.3 percentage points to 21.4%
When looking at economic inactivity by reason, the quarterly decline was driven by students, retirees, and long-term sickness. Estimated flows from July to September 2022 and October to December 2022 show a record-high net flow out of economic inactivity, driven by people transitioning from inactivity to employment. In December 2022, there were 843,000 working days lost due to labour disputes, the most since November 2011.
The estimated number of vacancies fell by 76,000 from November 2022 to January 2023
The decline in the number of vacancies reflects industry uncertainty, as survey respondents continue to cite economic pressures as a factor in delaying recruitment.
From October to December 2022, average total pay (including bonuses) increased by 5.9%, while regular pay (excluding bonuses) increased by 6.7%
This is the fastest growth rate for regular pay seen outside of the coronavirus pandemic period. The average regular pay growth rate for the private sector was 7.3% from October to December 2022, and 4.2% for the public sector; this is the highest growth rate seen for the private sector outside of the coronavirus pandemic period.
In real terms (adjusted for inflation), total and regular pay growth fell by 3.1% and 2.5% respectively, from October to December 2022
This is less than the record drop in real total pay from February to April 2009 (4.5%), but it is still one of the largest drops in growth since comparable records began in 2001.
If you are a candidate or a business and would like more information, please contact us on 01604 239555 or email info@impactrecruitment.co.uk and a member of our team will be in touch as soon as possible.
