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CBI/Pertemps Labour Market Update: May 2024

15 May 2024, 2 min read

Unemployment and inactivity rise while pay plateaus.

The latest ONS data shows a largely unchanged labour market that remains tight overall but continues to slowly soften. The UK employment rate (for people aged 16 to 64 years) was estimated at 74.5% in January to March 2024, below estimates of a year ago, and decreased in the latest quarter.

The UK unemployment rate (for people aged 16 years and over) was estimated at 4.3% from January to March 2024, above estimates of a year ago, and increased in the latest quarter. Payrolled employees in the UK fell by 5,000 (0.0%) between February and March 2024 but rose by 288,000 (1.0%) between March 2023 and March 2024.

The UK economic inactivity rate for people aged 16 to 64 years was estimated at 22.1% in January to March 2024, above estimates of a year ago, and increased in the latest quarter. Those inactive due to long-term and temporary sickness

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