UK Labour Market

In August to October 2023, the labour market remained stagnant: both employment and unemployment rose slightly, while inactivity stayed at a similar level.

Vacancies fell on the quarter in September to November 2023, as they have every quarter since May to July 2022. Nominal pay growth remained strong and there was an increase in real pay in the three months to October 2023, as inflation fell slightly.

The UK unemployment rate was 4.2%, and 1.45 million people aged 16+ were unemployed. Unemployment levels increased by 13,000 since the previous quarter, increased by 206,000 on the year and were 77,000 above pre-pandemic levels.

8.70 million people aged 16-64 were economically inactive, and the inactivity rate was 20.9%. Inactivity levels were around the same as the previous quarter but fell by 232,000 in the last year. They were 257,000 above their pre-pandemic level.

The number of vacancies fell in the last quarter and over the year to 949,000 in September to November 2023, but remain 148,000 above pre-pandemic levels.

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