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Posted 1 year ago •
The latest ONS data cover the period from November 2022 to January 2023 and show a labour market that continues to show signs of softening, with the employment rate increasing, unemployment remaining low, and economic inactivity and vacancies both falling.
Real time Pay-As-You-Earn data for February 2022 showed that the number of payrolled employees increased, up by 98,000 to a record 30 million.
The labour market continues to send mixed signals with a continued softening of hiring intentions and vacancies, but easing pay pressures and a small decrease in long-term sickness for the fourth month in a row.
The labour market shows a gradual slowdown, with vacancies still above pre-pandemic levels, while pay rates remain high due to last year's inflation.
This month's labour market figures continue to show signs of gradual cooling, with the number of vacancies still falling and unemployment rising.