UK employment rate 76% in Mar-May 2023; unemployment rate 4%

The unemployment rate for March-May increased by 0.2 percentage points on the quarter to 4 per cent, driven by people unemployed for up to 12 months.

The estimate of payrolled employees for June this year shows a monthly decrease, down 9,000 on the revised May figure, to 30.0 million.

The economic inactivity rate decreased by 0.4 percentage points on the quarter to 20.8 per cent in that quarter, largely driven by those inactive for other reasons, those looking after family or home, and those who are retired.

All the rate increases and the decrease in the inactivity rate during the latest quarter were attributed to men, an ONS release said.

Between April and June this year, the estimated number of vacancies fell by 85,000 on the quarter to 1,034,000. Vacancies fell on the quarter for the 12th consecutive period.

Growth in employees' average total pay (including bonuses) was 6.9 per cent and growth in regular pay (excluding bonuses) was 7.3 per cent between March and May this year.

In real terms (adjusted for inflation), growth fell year on year between March and May by 1.2 per cent for total pay and 0.8 per cent for regular pay.

A hundred and twenty eight thousand working days were lost because of labour disputes in May this year, the lowest number of days lost since July 2022.

ALCHEMPro News Desk (DS)