The unemployment rate for July to September 2022 decreased by 0.2 percentage points on the quarter to 3.6 per cent. The number of people unemployed for all duration categories decreased in the latest three-month period.
The country’s economic inactivity rate increased by 0.2 percentage points on the quarter to 21.6 per cent during the period.
During the latest three-month period, the increase in economic inactivity was driven by those who are long-term sick, who increased to a record high.
In August to October this year, the estimated number of vacancies fell by 46,000 on the quarter to 1,225,000. Despite four consecutive quarterly falls, the number of vacancies remain at historically high levels. An increasing number of businesses are now reporting holding back recruitment because of economic pressures.
Growth in average total pay (including bonuses) was 6 per cent and growth in regular pay (excluding bonuses) was 5.7 per cent among employees during the period. This is the strongest growth in regular pay seen outside of the pandemic period.
Average regular pay growth for the private sector was 6.6 per cent in July to September 2022, and 2.2 per cent for the public sector. Outside of the height of the coronavirus pandemic period, this is the largest growth seen for the private sector and the largest difference between the private sector and public sector.
In real terms (adjusted for inflation) over the year, total pay fell by 2.6 per cent and regular pay fell by 2.7 per cent in the United Kingdom.
ALCHEMPro News Desk (DS)
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