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Posted 1 year ago •
The latest ONS data cover the period from October to December 2022 and show a labour market that is continuing to show early signs of softening.
While the employment rate increased and economic inactivity fell, the unemployment rate also ticked higher as a result, and vacancies fell for the seventh quarter in a row.
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.