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Labour market overview, UK: November 2023

ended 14. November 2023

The latest jobs data is just out - key findings below. Any thoughts, send them across ASAP as this story is breaking.

  • The estimated number of vacancies in August to October 2023 was 957,000, a decrease of 58,000 from May to July 2023.
  • Vacancy numbers fell on the quarter for the 16th consecutive period in August to October 2023, down by 5.7% since May to July 2023, with vacancies falling in 16 of the 18 industry sectors.
  • In August to October 2023, total estimated vacancies were down by 257,000 from the level of a year ago, although they remained 156,000 above their pre-coronavirus (COVID-19) pandemic January to March 2020 levels.
  • The industry sector showing the largest annual decrease in the number of vacancies is professional, scientific, and technical activities, which fell by 35,000 from the equivalent period last year.
  • Annual growth in regular pay (excluding bonuses) was 7.7% in July to September 2023, this is slightly down on the previous periods but is still among the highest annual growth rates since comparable records began in 2001.
  • Annual growth in employees’ average total pay (including bonuses) was 7.9% in July to September 2023; this total growth rate is affected by the civil service one-off payments made in July and August 2023.
  • Annual growth in real terms (adjusted for inflation using the Consumer Prices Index including owner occupiers' housing costs (CPIH)) for total pay rose on the year by 1.4% in July to September 2023, and for regular pay rose on the year by 1.3%.
     

2 responses from the Newspage community

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Editor
Wes Wilkes
CEO at IronMarket Wealth
This latest job data is a tale of two sides. A tighter labour market is excellent for workers and their salary prospects, shown by the sticky wage growth number. On the other hand, high and sticky wage growth coupled with a tight labour market could prove more inflationary and therefore hinder the ongoing battle to tackle inflation. More reason why the 2% inflation target may not be achievable anytime soon.
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Editor
Samuel Mather-Holgate
Independent Financial Adviser at Mather and Murray Financial
As the economy flat lines and wage growth remains high, it follows that industry will be getting rid of jobs. Vacancies have fallen and will continue to until the Bank of England signals a pivot in their rate policy. We expect this to be in April, but it should come sooner to alíviate the pain of a economy wading through treacle.