Labour market analysis, 24 October 2023

Responding to the labour market stats release by ONS on 24 October 2023, Stephen Evans, chief executive of Learning and Work Institute, said:

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24 10 2023

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The employment rate is estimated to be flat at 75.7% using a new approach that uses administrative data like the number of payrolled employees to adjust Labour Force Survey estimates affected by falling survey response rates. This is ahead of a new Labour Force Survey being rolled out in 2024. The new estimates should be treated with caution but add to the picture from other data of a softening labour market, with vacancies dipping below one million for the first time since 2021. Meanwhile, last week's data showed earnings growing slightly faster than inflation but still £12,000 a year lower than if pre-financial crisis trends had continued.