UK Unemployment Rate Rises Amidst Falling Vacancies
14 May 2024
14 May 2024 by Luke Puplett - Founder
The UK unemployment rate rose to 4.3% in the first quarter of 2024, marking an increase from the previous quarter and exceeding figures from a year ago.
This comes as the number of job vacancies continues to decline, falling for the 22nd consecutive quarter to 898,000 in February to April 2024.
While vacancies remain above pre-pandemic levels, the sustained decrease suggests a cooling labour market. Despite this, the number of payrolled employees saw a year-on-year increase, rising by 288,000 (1.0%) between March 2023 and March 2024.
Other notable figures from the latest Labour Force Survey include:
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Employment Rate: Decreased to 74.5% for those aged 16 to 64 years in January to March 2024.
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Economic Inactivity Rate: Increased to 22.1% for those aged 16 to 64 years in the same period.
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Average Regular Earnings: Continued to grow, with a 6.0% annual increase in January to March 2024. However, adjusted for inflation, real terms growth for regular pay was a more modest 2.0%.
The UK's labour market is navigating a complex landscape, with rising unemployment occurring alongside continued earnings growth and a tight, albeit cooling, labour market. The coming months will be crucial in determining the long-term impact of these trends.
Read the full article on the ONS website here.
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