LONDON
,
September 10, 2024
(press release)
–
Estimates of employment, unemployment, economic inactivity and other employment-related statistics for the UK. Main points Latest data Estimates for payrolled employees in the UK decreased by 6,000 (0.0%) between June and July 2024, but rose by 203,000 (0.7%) between July 2023 and July 2024. The early estimate of payrolled employees for August 2024 decreased by 59,000 (negative 0.2%) on the month but increased by 122,000 (0.4%) on the year, to 30.3 million. The August 2024 estimate should be treated as a provisional estimate and is likely to be revised when more data are received next month. Increased volatility of Labour Force Survey (LFS) estimates, resulting from smaller achieved sample sizes, means that estimates of change should be treated with additional caution. We recommend using them as part of our suite of labour market indicators, alongside Workforce Jobs (WFJ), Claimant Count data, and Pay As You Earn (PAYE) Real Time Information (RTI) estimates. The UK employment rate (for people aged 16 to 64 years) was estimated at 74.8% in May to July 2024, below estimates of a year ago, but increased in the latest quarter. The UK unemployment rate (for people aged 16 years and over) was estimated at 4.1% in May to July 2024, below estimates of a year ago, and decreased in the latest quarter. The UK economic inactivity rate (for people aged 16 to 64 years) was estimated at 21.9% in May to July 2024, above estimates of a year ago, but decreased in the latest quarter. The UK Claimant Count for August 2024 increased on the month and on the year, to 1.792 million. Commencing in May 2024, the Department for Work and Pensions are rolling out an increase in the administrative earnings threshold for full work search conditionality. This change is likely to affect around 180,000 claimants over a period of around six months, increasing the Claimant Count over that time. In June to August 2024, the estimated number of vacancies in the UK decreased by 42,000 on the quarter to 857,000. Vacancies decreased on the quarter for the 26th consecutive period but are still above pre-coronavirus (COVID-19) pandemic levels. In June 2024, the estimated number of workforce jobs was 37.1 million, up by 503,000 from the level of a year ago but down by 28,000 on the quarter. Employee jobs increased by 386,000 from the level a year ago and by 62,000 on the quarter to 32.7 million. Annual growth in employees' average regular earnings (excluding bonuses) in Great Britain was 5.1% in May to July 2024, and annual growth in total earnings (including bonuses) was 4.0%. This total annual growth is affected by the NHS and civil service one-off payments made in June and July 2023. Annual growth in real terms (adjusted for inflation using the Consumer Prices Index including owner occupiers' housing costs (CPIH)) for regular pay was 2.2% in May to July 2024, and for total pay was 1.1%. There were an estimated 42,000 working days lost because of labour disputes across the UK in July 2024. Most of the strikes were in the health and social work sector. Industry Intelligence Editor's Note: This press release omits select charts and/or marketing language for editorial clarity. Click here to view the full report.
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