ONS Labour Market March 2024

Key trends

• Payrolled employees in the UK increased by 15,000 (0.0%) between December 2023 and January 2024, and by 386,000 (1.3%) between January 2023 and January 2024, although the rate of annual growth is declining. 
• According to early estimates, payrolled employees for February 2024 rose by 20,000 (0.1%) on the month and 368,000 (1.2%) on the year to 30.4 million. 
• The employment rate was estimated at 75.0% in November 2023 to January 2024, lower than a year ago and down on the quarter. 
• Unemployment stood at 3.9% in November 2023 to January 2024, higher than a year ago but stable compared to the previous quarter.
•  The economic inactivity rate was 21.8%, higher than a year ago and increased in the latest quarter.
• The UK Claimant Count for February 2024 rose by 16,800 on the month and by 85,800 on the year to 1.585 million. 
• Estimated vacancies in the UK fell by 43,000 on the quarter to 908,000 in December 2023 to February 2024, marking the 20th consecutive period of decline but remaining above pre-COVID-19 levels.
•  Annual growth in total earnings (including bonuses) in Great Britain was 5.6% in November 2023 to January 2024, while annual growth in employees' average regular earnings (excluding bonuses) was 6.1%.
•  In real terms, total pay increased by 1.4% on the year in November 2023 to January 2024, and regular pay rose by 1.8%. 
• In January 2024, 203,000 working days were lost due to labour disputes across the UK, with the health and social work industry experiencing the highest number of lost working days.

Average weekly earnings annual growth rates in Great Britain, seasonally adjusted, January to March 2001 to November 2023 to January 2024

Source: ONS

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