The unemployment rate for May to July 2022 decreased by 0.2 percentage points on the quarter to 3.6%, the lowest rate since May to July 1974.

In the latest three-month period, the number of people unemployed for up to six months decreased to a record low, and those unemployed between 6 and 12 months increased. Meanwhile, the number of people unemployed for over 12 months continued to decrease.

The economic inactivity rate increased by 0.4 percentage points on the quarter to 21.7% in May to July 2022. This increase in the latest three month period was largely driven by those aged 16 to 24 years and those aged 50 to 64 years. Looking at economic inactivity by reason, the increase during the latest three-month period was driven by those inactive because they are students or long-term sick.

Source: Office for National Statistics – Labour Force Survey

The UK employment rate for May to July 2022 for people aged 16 to 64 years decreased by 0.2 percentage points on the quarter to 75.4% and is still below pre-coronavirus (COVID-19) pandemic levels. Full-time employees and self-employed workers increased over the latest three-month period, while part-time employees decreased.  

The most timely estimate of payrolled employees for August 2022 shows a monthly increase, up 71,000 on the revised July 2022 figures, to a record 29.7 million.

The number of job vacancies in June to August 2022 was 1,266,000, a decrease of 34,000 from the previous quarter and the largest quarterly fall since June to August 2020.

The total number of Workforce Jobs in the UK in June 2022 rose by 290,000 on the quarter to a record 35.8 million, and for the first time exceeds the pre-coronavirus level of December 2019.

Growth in employees’ average total pay (including bonuses) was 5.5% and growth in regular pay (excluding bonuses) was 5.2% in May to July 2022. In real terms (adjusted for inflation), over the year, total pay fell by 2.6% and regular pay fell by 2.8%.

Average regular pay growth for the private sector was 6.0% in May to July 2022, and 2.0% for the public sector; outside of the height of the coronavirus pandemic period, this is the largest difference we have seen between the private sector and public sector.

Source: ONS

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