ONS Labour Market December 2023

Vacancies continue to fall

The number of job vacancies in September to November 2023 was 949,000 – a decrease of 45,000 from the previous quarter, marking the 17th consecutive decrease and the longest run of successive quarterly falls on record.
Vacancies declined in 16 of 18 sectors measured on a quarterly basis.
On an annual basis, total vacancies decreased by 229,000, with human health and social work, and professional, scientific, and technical activities experiencing the largest falls.
The total number of vacancies remains 148,000 above pre-pandemic levels (January to March 2020).

Payrolled employees increase on an annual basis

Early payroll estimates for November show the number of payrolled employees rose by 333,000 employees compared to the previous year (up 1.1%).
Compared to the previous month, provisional estimates suggest the number of payrolled employees decreased slightly by 13,000.
The largest yearly increase in payrolled employees continued to be driven by health and social work sector (a rise of 213,000 employees YoY).

Unemployment rate flat

Experimental estimates for August to October 2023 show the UK unemployment rate was largely unchanged on the previous quarter at 4.2%.

Employment rate flat

Experimental estimates for August to October 2023 show UK employment rate was also largely unchanged on the previous quarter at 75.7%.
The UK economic inactivity rate was largely unchanged on the quarter at 20.9%.

Earnings outstrip price rises

In nominal terms, average regular pay (excluding bonuses) for employees in Great Britain was £620 per week before tax and other deductions from pay in October.
Average total pay (including bonuses) for employees in Great Britain was £663 per week before tax and other deductions from pay in October.
Regular pay rose by 7.3% and total pay by 7.2% in the three months to October compared to a year earlier.
Average regular pay growth in the private sector was 7.3% in the three months to October, while public sector pay rose by 6.9% and is among the highest regular annual growth rates since comparable records began in 2001.
In real terms (adjusted for CPIH inflation), regular pay and total pay increased 1.4% and 1.3% YoY respectively in the three months to October.

Average weekly earnings annual growth rates in Great Britain, seasonally adjusted, January to March 2001 to August to October 2023

Source: ONS