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Employment rate increased slightly between August and October: ONS

THE UK employment rate fell increased slightly between August and October, according to new figures.
The Office for National Statistics (ONS) said the rate increased by 0.2 percentage points on the quarter, to 75.6%, but is still below pre-coronavirus (Covid-19) pandemic levels.
Over the latest three-month period, the number of employees increased, while self-employed workers decreased, it said.
The ONS said the most timely estimate of payrolled employees, for November 2022, showed another monthly increase, up 107,000 on the revised October 2022 figures, to a record 29.9 million.

The unemployment rate for August to October 2022 increased by 0.1 percentage points on the quarter to 3.7%.
In the latest three-month period, the number of people unemployed for up to six months increased, and this increase was seen across all age groups.

The economic inactivity rate decreased by 0.2 percentage points on the quarter to 21.5% in August to October 2022. The decrease in economic inactivity during the latest three-month period was driven by those aged 50 to 64 years.
“Looking at economic inactivity by reason, the quarterly decrease was driven by those inactive because they are retired,” the ONS said.
“In September to November 2022, the estimated number of vacancies fell by 65,000 on the quarter to 1,187,000.
“Despite five consecutive quarterly falls, the number of vacancies remains at historically high levels.
“The fall in the number of vacancies reflects uncertainty across industries, as respondents continue to cite economic pressures as a factor in holding back on recruitment.”
Growth in average total pay (including bonuses) and regular pay (excluding bonuses) among employees was the same, at 6.1%, in August to October 2022; for regular pay, this is the strongest growth rate seen outside of the coronavirus pandemic period.
“Average regular pay growth for the private sector was 6.9% in August to October 2022, and 2.7% for the public sector; outside of the height of the pandemic period, this is the largest growth rate seen for the private sector and is among the largest differences between the private sector and public sector growth rates we have seen,” the ONS report added.
“In real terms (adjusted for inflation) over the year, total and regular pay both fell by 2.7%; this is slightly smaller than the record fall in real regular pay we saw in April to June 2022 (3.0%) but still remains among the largest falls in growth since comparable records began in 2001.”

Meanwhile, there were 417,000 working days lost because of labour disputes in October 2022, which is the highest since November 2011.

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