The number of payrolled employees fell by 0.1 per cent quarter on quarter (QoQ), but rose by 0.5 per cent YoY in the August-October quarter this year. This is the period comparable with ONS’ Labour Force Survey (LFS) estimates.
Estimates for payrolled employees in the UK rose by 0.1 per cent month on month and 0.5 per cent YoY in October.
The number of payrolled employees fell by 0.1 per cent quarter on quarter, but rose by 0.5 per cent YoY in the August-October quarter.
The employment rate for people aged 16 to 64 was estimated at 74.9 per cent in the quarter, while the unemployment rate was estimated at 4.3 per cent.
The provisional estimate for November this year says the number of payrolled employees decreased by 0.1 per cent MoM and increased by 0.3 per cent YoY to 30.4 million in the month.
The UK employment rate for people aged 16 to 64 was estimated at 74.9 per cent in August to October 2024. This is largely unchanged on a year ago, but up in the latest quarter.
The UK unemployment rate for people aged 16 and over was estimated at 4.3 per cent in the August-October period. This is above estimates of a year ago, and up in the latest quarter.
The UK economic inactivity rate for people aged 16 to 64 was estimated at 21.7 per cent in the quarter. This is below estimates of a year ago, and down in the latest quarter.
The estimated number of workforce jobs was 36.8 million in September this year—an increase of 0.2 per cent over the June 2024 figure. There were increases in both employee jobs and self-employment.
The estimated number of vacancies in the country decreased by 31,000 QoQ to 818,000 in the September-November quarter. Vacancies decreased on the quarter for the 29th consecutive period but are still above pre-coronavirus (COVID-19) pandemic levels.
An estimated 42,000 working days were lost because of labour disputes across the country in October this year, an ONS release said.
“News that wages have been rising faster will be a concern for businesses as they continue to grapple with the huge increase in employment costs announced in the autumn Budget. The unemployment rate remains unchanged, showing ongoing challenges in the labour market,” said Jane Gratton, deputy director of public policy at the British Chambers of Commerce (BCC).
“Higher employer National Insurance Contributions and an increase in the national living wage from next April, means firms are facing difficult decisions. Many say they will have to raise prices, put recruitment and investment plans on hold and look for other ways to reduce their costs,” he noted in a statement.
“Although the level of vacancies in the economy is now fast approaching the pre-pandemic level, this does not mean the recruitment crisis is over. Our latest research shows that over three quarters of SMEs [small and medium enterprises] are still struggling to find staff with the skills they need,” he added.
Fibre2Fashion News Desk (DS)