Labour Market Report December 2023

The ONS (Office For National Statistics) reported last month that between September to November 2023, the estimated number of vacancies in the UK fell by 45,000 on the quarter to 949,000. Vacancies fell on the quarter for the 17th consecutive period, the longest consecutive run of quarterly falls ever recorded but still above pre-coronavirus (COVID-19) pandemic levels.

The estimate of payrolled employees in the UK for November 2023 was largely unchanged compared with the revised October 2023 figure, down 13,000 to 30.2 million. The November 2023 estimate should be treated as a provisional estimate and is likely to be revised when more data is received this month.

UK payrolled employee growth for October 2023 compared with September 2023 has been revised from an increase of 33,000 reported in the last ONS report to an increase of 39,000.

Annual growth in regular pay (excluding bonuses) in Great Britain was 7.3% in August to October 2023, this growth continues to remain strong but is not as high as in recent periods. Annual growth in employees' average total pay (including bonuses) was 7.2%. Annual average regular earnings growth for the public sector was 6.9% in August to October 2023, and is among the highest regular annual growth rates since comparable records began in 2001. Annual average regular earnings growth for the private sector was 7.3%.

In real terms (adjusted for inflation using the Consumer Prices Index including owner occupiers' housing costs (CPIH)), annual growth for total pay rose on the year by 1.3%, and regular pay rose on the year by 1.4%.

There were 131,000 working days lost because of labour disputes across the UK in October 2023. Three-fifths of the labour disputes were in the health and social work sector. In October 2023, 49,000 workers were involved in labour disputes, the lowest number since June 2022.

The estimated number of workforce jobs in the UK in September 2023 was a record 36.8 million, an increase of 210,000 from June 2023. The total number of jobs includes both employee jobs and self-employment jobs. The estimated number of employee jobs has been on a largely upwards trend since September 2020, resulting in a record high of 32.5 million in September 2023.

Source: ONS