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Labour market overview, UK: March 2024

ended 12. March 2024

The latest jobs data is out. Full report >> here <<, key points below. Any thoughts, send them across ASAP as this story is BREAKING.

  • In December 2023 to February 2024, the estimated number of vacancies in the UK fell by 43,000 on the quarter to 908,000. Vacancies fell on the quarter for the 20th consecutive period but are still above pre-coronavirus (COVID- 19) pandemic levels.
  • Annual growth in total earnings (including bonuses) in Great Britain was 5.6% in November 2023 to January 2024, and annual growth in employees' average regular earnings (excluding bonuses) was 6.1%.
  • The UK employment rate (for those aged 16 to 64 years) was estimated at 75.0% in November 2023 to January 2024, below estimates of a year ago and down in the latest quarter.
  • The UK unemployment rate (for those aged 16 years and over) was estimated at 3.9% in November 2023 to January 2024. The unemployment rate is above estimates of a year ago (November 2022 to January 2023) but largely unchanged on the latest quarter.
  • Payrolled employees in the UK rose by 15,000 (0.0%) between December 2023 and January 2024, and rose by 386,000 (1.3%) between January 2023 and January 2024. While the number of payrolled employees continues to increase, the rate of annual growth is decreasing.
  • The early estimate of payrolled employees for February 2024 increased by 20,000 (0.1%) on the month and increased by 368,000 (1.2%) on the year to 30.4 million. The February 2024 estimate should be treated as a provisional estimate and is likely to be revised when more data are received next month.

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Editor
Sam Alsop-Hall
Chief Strategy Officer at Clive Henry Group
Seeing vacancies drop to 908,000 and wages not keeping up with the cost of living, it's evident our job market is struggling. We urgently need to invest in skills and job creation, especially as we face the risk of falling behind in essential areas like AI. The government's lack of action here is alarming. With a 3.9% unemployment rate and only a slight rise in payrolled employees, it's clear we need a major push in employment and training. The UK's position on the global stage is at stake; it's time for decisive steps towards innovation and growth. We must act now to avoid a future of stagnation and inequality.