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Posted 1 year ago •
The latest ONS data cover the period from September to November 2022 and show a labour market that is starting to evidence early signs of softening, with the employment rate unchanged from the previous quarter, the unemployment rate increasing, economic inactivity decreasing and vacancies falling for the sixth quarter in a row.
Real time Pay-As-You-Earn data for December 2022 showed that the number of payrolled employees increased, up by 28,000 to 29.9 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.