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Posted 4 years ago •
Latest data from the ONS once again shows a familiar picture of the UK labour market. The employment rate stood at a record high with the unemployment rate remaining close to record low.
And there was the strongest employment growth in 10 months with more than two thirds of the growth driven by women.
In the period between June and August 2024, wage growth across the economy remained strong, the employment rate increased, and high inactivity rate persisted. This paints a mixed picture of the labour market, with conditions cooling but limited labour pool hindering business’s ability to grow.
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.