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Posted 2 years ago •
The latest ONS data covers the period from May to July 2022 and shows a labour market that is plateauing, with the employment rate decreasing, unemployment increasing, economic inactivity rising sharply and vacancies falling for the second quarter in a row.
Real time Pay-As-You-Earn data for August 2022 showed that the number of payrolled employees increased, up by 71,000 to a record 29.7 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.