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

The UK employment rate in May-July this year for people aged 16 to 64 decreased by 0.2 percentage points on the quarter to 75.4 per cent and is still below pre-COVID-19 pandemic levels. Full-time employees and self-employed workers increased over the latest three-month period, while part-time employees decreased, according to Office of National Statistics.

The unemployment rate for the period decreased by 0.2 percentage points on the quarter to 3.6 per cent—the lowest rate since the same period in 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 six and 12 months increased. Meanwhile, the number of people unemployed for over 12 months continued to decrease, ONS said in a release.

Economic inactivity rate increased by 0.4 percentage points on the quarter to 21.7 per cent in May to July this year. 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.

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 country in June this year rose by 290,000 on the quarter to a record 35.8 million, and for the first time exceeded the pre-coronavirus level of December 2019.

Fibre2Fashion News Desk (DS)