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Key findings from the latest ONS labour market overview

Labour market continues to create jobs but pay growth fails to keep up with inflation - read the key findings covering employment, unemployment, economic inactivity & pay growth data.

22 Apr 2022, 1 min read

The latest ONS data (December 2022 to February 2022) provides a snapshot of labour market activity during a period in which the Omicron variant meant work-from-home guidance was reinstated.

Real time Pay-As-You-Earn data for March 2022 showed that the number of employees on payroll flattened, up only by 35,000, but to a record of 29.6 million in total.

Real pay growth continues to fall: ongoing supply chain issues, skills and labour shortages and record high vacancies are putting a break on growth, highlighted by this month’s GDP figures of 0.1%. Persistent skills and labour shortages, alongside rising costs, are putting a strain on households and dampening business optimism for the months ahead.

To break this cycle and deliver sustainably rising living standards, the UK requires bold action. Replacing the apprenticeship levy for a new Skills Challenge Fund to fund high-quality training in areas of future demand can unlock growth.

Download the full Labour Market Update to find out:

  • The impact of COVID-19 on the overall health of the UK labour market
  • How wage growth and productivity are developing in different sectors as well as the UK overall.
  • Where labour shortages are most acute in different sectors and regions