ONS Labour Market November 2023

Vacancies continue to fall

The number of job vacancies in August to October 2023 was 957,000 – a decrease of 58,000 from the previous quarter, marking the 16th consecutive decrease and the lowest figure since April to June 2021.
Vacancies declined in 16 of 18 sectors measured on a quarterly basis. The largest fall in vacancies came from professional, scientific, and technical activities, which was down by 9,000.
On an annual basis, total vacancies decreased by 257,000. 15 of 18 sectors faced decline, with professional, scientific, and technical activities experiencing the largest fall.
The total number of vacancies remains 156,000 above pre-pandemic levels (January to March 2020).

Payrolled employees increase

Early payroll estimates for October show the number of payrolled employees rose by 398,000 employees compared to the previous year (up 1.3%).
Compared to the previous month, the number of payrolled employees increased by 33,000 employees (0.1%).
The largest yearly increase in payrolled employees continued to be driven by health and social work sector (a rise of 221,000 employees YoY).

Unemployment rate flat

Experimental estimates for July to September 2023 show the UK unemployment rate was unchanged on the previous quarter at 4.2%.

Employment rate declines

Experimental estimates for July to September 2023 show a 0.1pp quarterly decrease in the UK employment rate to 75.7% compared with the previous quarter.

Earnings outstrip price rises

In nominal terms, average regular pay (excluding bonuses) for employees in Great Britain was £621 per week before tax and other deductions from pay in September.
Average total pay (including bonuses) for employees in Great Britain was £673 per week before tax and other deductions from pay in September.
Regular pay rose by 7.7% and total pay by 7.9% in the three months to September compared to a year earlier.
Average regular pay growth in the private sector was 7.8% in the three months to September, while public sector pay rose by 7.3%.
In real terms (adjusted for CPIH inflation), regular pay and total pay increased 1.3% and 1.4% YoY respectively in the three months to September.

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

Source: ONS