According to the most recent estimates from the Labour Force Survey for the period of February to April 2022, employment rates rose during the quarter while rates of unemployment and economic inactivity fell whilst vacancies reached an all-time high.
The employment rate
The employment rate in the UK increased by 0.2% over the quarter to 75.6%, but it is still below pre-pandemic levels. Long-term unemployment (12+months) has decreased by 15.1% on the year and by 55.5% since 2010.
Young people (16-24)
Figures revealed a 0.8% increase on the year in the number of young people in FTE(full time education).12.9% of all young people are out of work or economically inactive.
Nominal total wages (before inflation) are up 6.8% on the year to April 2022. This is 4.2% if bonuses are not included. Real total wages (after inflation) have seen an increase of 0.4% on the year. However, excluding bonuses, there has been a 2.2% decrease on the year.
Vacancies (for Mar-May 2022) are at 1.3 million which is a record high. They are up 1.6% on the quarter and up 63.3% since the beginning of the pandemic(Jan-March 2020).
Vacancies in ‘accommodation & food services’ continue to be high (174k) as the industry is considered to be the worst affected by the covid-19 pandemic. Other areas with a high number of vacancies are ‘health and social work’ (215k) and ‘wholesale, retail & repair of motor vehicles’ (161k).
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