Growth In employment slows while economic Inactivity Increases
The latest ONS data covers the period from November 2023 to January 2024 and shows a labour market that remains tight overall but continues to slowly soften. Growth in employment has slowed while economic inactivity has increased.
The unemployment rate decreased, returning to the same rate as a year ago and vacancies continue to fall although remain above pre-pandemic levels. Real time Pay-As-You-Earn data for January 2024 shows that the number of payrolled employees increased by 48,000 on the revised December figure – with 30.4 million in the labour market.