The latest Pertemps/CBI Labour Market Update follows similar trends from last month’s. While employment is at a record high (74.8%) and unemployment is falling, pay growth remains weak.
In the three months to April 2017, employment grew by 109,000, bringing total employment to 31.95 million. Unemployment is at 4.6%, the joint lowest since 1975, with the age group seeing the most significant employment growth being 25-34 and 50-64 year olds.
However, once again real pay growth is weak due to increasing inflation and slower nominal pay growth. This differs from sector to sector; private sector growth was unchanged at 2.0%, while in the public sector it weakened to 1.1%.
It’s fantastic to see that job vacancies are at an all-time high, showing that businesses are continuing to create new opportunities, despite nationwide uncertainty. Hopefully pay growth statistics will change over the year to become more optimistic.
The latest ONS data covers the period from February 2022 to April 2022, providing a snapshot of labour market activity.
The latest ONS data covers the period from January 2022 to March 2022, providing a snapshot of labour market activity.
The latest ONS data covers the period from August to October 2021, providing a snapshot of labour market activity.