The UK employment rate for June to August this year was 75.5 per cent, 0.3 percentage points lower than in the March-May period, which had a notably higher employment rate than other periods, according to the Office of National Statistics (ONS). The unemployment rate for the three months decreased by 0.3 percentage points on the quarter to 3.5 per cent, the lowest rate since December 1973 to February 1974.

The number of employees in March-May decreased on the quarter, while self-employed workers increased. The employment rate is 1.0 percentage points lower than before the pandemic.

The UK employment rate for June to August this year was 75.5 per cent, 0.3 percentage points lower than in the March-May period, which had a notably higher employment rate than other periods, according to the Office of National Statistics. The unemployment rate for the three months decreased by 0.3 percentage points on the quarter to 3.5 per cent.

The most timely estimate of payrolled employees for September 2022 shows another monthly increase, up 69,000 on the revised August 2022 figures, to a record 29.7 million.

The number of people unemployed for between 6 and 12 months increased during the three-month period on the quarter, while there were decreases for the short-term (up to 6 months) and long-term (over 12 months) unemployed.

In June to August 2022, the number of unemployed people per vacancy fell to a record low of 0.9.

The economic inactivity rate increased by 0.6 percentage points to 21.7 per cent in June-August 2022, compared with the previous three months, which had a notably lower economic inactivity rate than other periods.

The quarterly increase was driven by people inactive because they are long-term sick or because they are students. Numbers of those economically inactive because they are long-term sick increased to a record high.

In July to September this year, the estimated number of vacancies fell by 46,000 on the quarter to 1,246,000—the largest fall on the quarter since June to August 2020.

Despite three consecutive quarterly falls, the number of vacancies remain at historically high levels.

Research by the British Chamber of Commerce (BCC) shows that labour shortages are holding back the ability of many businesses to service existing customers and grow, BCC head of research David Bharier said in a statement.

“Businesses are currently facing multiple external shocks, from global supply chain disruption, rampant inflation, and rising interest rates. Labour shortages are yet another issue weighing down on business confidence,” he added.

Fibre2Fashion News Desk (DS)