Wage growth remains strong and vacancies edge closer to pre-pandemic levels
Learn about the latest trends in the labour market.
In the period between August and October 2024, wage growth across the economy remained strong, employment and unemployment levels both increased, while vacancies and inactivity fell. This follows trends seen in previous months, and suggests while the labour market may be cooling, there is an increasingly finite labour supply that businesses can draw on to grow.
The UK employment rate (for people aged 16 to 64 years) was estimated at 74.9% in August to October 2024, marginally up on the quarter (+0.1%) but unchanged on the year. The UK unemployment rate (for people aged 16 years and over) was estimated at 4.3% in the same period, slightly up on the quarter (+0.1%) and the year (+0.3%).
The UK economic inactivity rate for people aged 16 to 64 years was estimated at 21.8% between August and October 2024, slightly down on the quar
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