UK Pay Growth Stalls Amid Job Market Slowdown
16 Oct 2023
16 Oct 2023 by Luke Puplett - Founder
The latest statistics from the UK's Office for National Statistics show mixed results for earnings and employment in October 2023.
Key points:
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The number of payrolled employees rose by 1.2% compared to October 2022, an increase of 369,000 employees. However, the number was unchanged compared to September 2023.
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Median monthly pay increased by 5.7% compared to October 2022, continuing high growth trends amid rising inflation. However, the data shows some volatility in month-to-month median pay growth:
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Figure 3: Median pay per month, seasonally adjusted, UK, July 2014 to September 2023
Figure 3 shows median monthly pay over time. It decreased sharply in April 2020 but rebounded.
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It has remained on an upward trend since mid-2020 despite volatility month-to-month.
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For example, growth dipped from 5.9% in August to 5.7% in September before rising again to 7.2% in October.
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Overall, the data does not indicate a decline in median pay, though fluctuations are seen.
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Pay growth varies significantly by industry. Transportation and storage saw the highest growth at 13.5%, while health and social work saw a decrease of 0.3%.
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Regional differences persist. London and Northern Ireland lead in employee growth compared to last year, while Yorkshire and The Humber lag.
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Employees aged 35-49 registered the largest increase over the past year, while those under 25 declined.
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The latest statistics indicate a mixed picture as the UK labour market continues to recover from the pandemic. Pay growth remains high, but the pace of job gains has slowed. Regional and industrial divides continue to impact earnings and employment.
Original article on the UK Office for National Statistics
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