The UK employment rate rose by 0.2% to 75.6% in August to October 2022, but is still below pre-Covid-19 levels. During the three-month period, the number of employees increased, while the number of self-employed decreased. The most accurate estimate of employee payrolls in November 2022 shows another positive month, up 107,000 from the revised October figure, a record high of 29.9 million.

UK Labor Market Analysis

The unemployment rate from August to October 2022 continued to increase by 0.1% to 3.7%. Over the past three-month period, the number of people unemployed for up to six months has increased, and this increase in unemployment is seen across all age groups.

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The UK economy slowed down by 0.2% in the quarter from 21.5% in August to October 2022. The decline in the economy slowed down over the last three months, driven by those aged 50 to 64. The reason for the economic downturn can be seen in economic inactivity, a quarterly decline driven by those who have become inactive due to retirement. In September to November 2022, the number of jobs fell by 65,000 on the quarter to 1,187,000. Despite five consecutive quarters of declines, the number of jobs is at its highest level. The decline in job vacancies reflects uncertainty across industries in the UK, as respondents cited economic pressures as a factor holding back recruiters in the labour market.

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Average growth in salaries (including bonuses) and regular salaries among employees was the same at 6.1% per month from August to October 2022. Average regular salary growth for the private sector was 6.9% in August to October 2022, and 2.7% for the public sector. Outside of peak pandemic data, this is the largest growth rate seen for the private sector and one of the largest differences between private and public sector growth rates.
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In real terms (the data is adjusted for inflation) for 2022, total and regular wages fell by 2.7%. That was less than the record 3.0% decline in regular wages seen in April-June 2022. That remains one of the largest declines in data, similar to 2001. About 417,000 people lost their jobs due to labor disputes in October 2022, the highest since November 2011.

Above is daily information about the UK labor market. Keep up to date with the latest information through the GIC journal which will be announced every day. You can also trade on the GICTrade application with its latest feature, an ECN account, enjoy the advantages of the latest features with the lowest spread starting from 0 Rupiah! Also follow the GIC Gebyar Hadiah and get attractive prizes in it from GIC worth billions of Rupiah without a draw!


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