According to the report from the Office for National Statistics (ONS), from October to December 2022, the unemployment rate (for those aged 16 years and over) decreased by 0.2% compared to the previous three-month period (through September), and amounted to 3.8% (the lowest value since the period between February and April 2023). Meanwhile, the number of unemployed individuals fell by 87.0 thousand to 1.32 million. The economic inactivity rate was largely unchanged in the latest quarter (21.9%) but increased by 1.4% compared to the same period in 2022.
The ONS said that payrolled employees rose by 31,000 (+0.1%) between November and December 2023 and by 401,000 (+1.3%) between December 2022 and December 2023. In November 2023 to January 2024, the estimated number of vacancies fell by 26,000 q/q, to 932,000. Vacancies fell on the quarter for the 19th consecutive period, the longest consecutive run of quarterly falls ever recorded.
The data also showed that from October to December, the growth in average total pay (including bonuses) and regular pay (excluding bonuses) was 5.8% per annum (+6.7% in November) and 6.2% per annum (+6.7% in November). Economists had expected an increase by 5.6% and 6.0%, respectively.