This latest labour market update summarises the state of the UK labour market in July 2023.
It is based on data published by the Office for National Statistics.
- The number of payrolled employees decreased by 0.1% over the past month to 30.0 million (up 1.5% over the year)
- The employment rate increased by 0.2% over the quarter to 76.0% (up 0.1% over the year)
- The unemployment rate increased by 0.2% over the quarter to 4.0% (up 0.2% over the year)
- The economic inactivity rate fell by 0.4% over the quarter to 20.8% (down 0.3% over the year)
- There were 95,000 redundancies during the quarter – 5,000 more than the previous quarter (and 43,000 more than a year ago)
- The number of vacancies fell by 7.6% over the quarter to 1,034,000 (down 20.4% over the year)
- In the Electricity & Gas industries, the number of vacancies increased by 12.5% over the quarter (up 8.6% over the year) to around 6,000
- In the Water supply, sewerage, waste & remediation activities industries, the number of vacancies increased by 1.5% over the quarter (down by 24.2% over the year) to around 7,000
- Total hours worked increased by 4.5 million hours over the quarter to 1.055 billion hours (up 8.6 million hours over the year)
- Earnings growth in average total pay (including bonuses) was up 6.9% and regular pay (excluding bonuses) was up 7.3%
- Average regular pay growth for the private sector was up 7.7%
- Growth in total and regular pay fell in real terms (adjusted for inflation) over the year by 1.2% for total pay and 0.8% for regular pay
The next update will be on 15 August 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.
