Wages outpace inflation while unemployment increases and vacancies continue to fall

Posted around 2 months ago •


The latest ONS data cover the period from May to July 2023 and show a labour market that remains tight but with increasing signs of softening. The employment rate decreased while both the unemployment and inactivity rate increased. Vacancies continue to fall although remain above pre-pandemic levels.

Real time Pay-As-You-Earn data for August 2023 remained broadly unchanged from the previous quarter – with 30.1 million payrolled employees in the labour market.


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