Labour market continues to tighten, but pay growth falls further behind inflation – read the key findings from the ONS covering employment, unemployment, economic inactivity experimental PAYE and hours worked data.
The latest ONS data (January 2022 to March 2022) provides a snapshot of labour market activity during a period in which the government launched its Living with Covid strategy, with most of the pandemic restrictions lifted.
Real time Pay-As-You-Earn data for April 2022 showed that the number of employees on payroll increased by 121,000, to a record of 29.5 million in total. This month saw record high vacancies, record high job-to-job moves and for the first time since records began, with more jobs available than unemployed people.
But real pay growth continues to fall. Ongoing supply chain issues, skills shortages and rising energy prices are all impacting the cost of doing business, putting a break on growth and a strain on households. To break this cycle and deliver sustainably for rising living standards, the UK requires bold action. Putting pounds into the pockets of people facing hardship and stimulating business investment are two actions the government can take now that will help us to emerge from this crisis.
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
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