ONS Labour Market May 2024

Key trends

Payrolled employees fell by 36,000 (0.1%) between March and April 2024 but increased 201,000 (0.7%) in the year to April 2024.
Early estimate for May 2024 shows a decrease of 3,000 (0.0%) from April but an increase of 167,000 (0.6%) from May 2023, reaching 30.3 million
UK employment rate was 74.3% from February to April 2024, down from the previous year and the latest quarter.
UK unemployment rate was 4.4% from February to April 2024, higher than the previous year and the latest quarter.
Total Workforce Jobs (WFJ) in March 2024 increased by 431,000 on the year to 37.2 million, with rises in both employee and self-employment jobs.
UK economic inactivity rate (16-64 years) was 22.3% from February to April 2024, higher than the previous year and the latest quarter.
Estimated number of vacancies from March to May 2024 decreased by 12,000 on the quarter to 904,000, marking the 23rd consecutive quarterly decrease but remaining above pre-pandemic levels.
Annual growth in average regular earnings (excluding bonuses) was 6.0% in Great Britain from February to April 2024.
Annual growth in total earnings (including bonuses) was 5.9% in the same period.
Real terms annual growth (adjusted for CPIH inflation) was 2.3% for regular pay and 2.2% for total pay from February to April 2024.

Annual growth in both total pay and regular pay remains relatively strong

Source: ONS