The most recent estimate of employees on payroll for August 2022 shows a monthly increase – of 71,000 from revised July 2022 figures – to a record 29.7 million.
The UK employment rate in May-July this year for people aged 16-64 fell by 0.2 percentage points in the quarter to 75.4% and is still below levels for before the COVID-19 pandemic. According to the Office of National Statistics, both full-time employees and the self-employed have increased over the past three months, while part-time employees have declined.
The unemployment rate for the period fell 0.2 percentage points on the quarter to 3.6%, the lowest rate since the same period in 1974.
Over the past three months, the number of people unemployed for up to six months has fallen to a record low, and the number of unemployed between six and 12 months has increased. Meanwhile, the number of people unemployed for more than 12 months continued to fall, the ONS said in a statement.
The economic inactivity rate rose by 0.4 percentage points in the quarter to 21.7% from May to July this year. This increase over the last three-month period was largely attributable to people aged 16 to 24 and those aged 50 to 64.
The number of job vacancies from June to August 2022 was 1,266,000, a decrease of 34,000 from the previous quarter and the largest quarterly decline since June to August 2020.
Total employment in the country in June this year rose by 290,000 in the quarter to a record 35.8 million, and surpassed the pre-coronavirus level of December 2019 for the first time.
Fibre2Fashion (DS) News Desk